LMAX Digital’s total notional volume was healthy on Wednesday, holding steady with 30-day average volume. We saw $1.2 billion in total notional volume, up 1% from 30-day average volume.

Bitcoin volume was a little more impressive relative to 30-day volume, coming in at $712 million, 11% above 30-day average volume.

However, ether stumbled back after an impressive Tuesday, with Wednesday volume dropping down to $296 million, 13% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $11,380 and average position size for ether at $5,101.

Volatility has been slowly picking up since finding a bottom in July. We’re now looking at average daily ranges in bitcoin and ether of $2,715 and $207 respectively.

There continues to be solid demand for crypto assets into the latter portion of the week.

At the moment, bitcoin is trying to make its way back through $60,000 and towards a retest of the record high from earlier this year, just ahead of $65,000.

One of the stories gaining more traction in 2021, is the story around bitcoin being a compelling alternative to gold.

We already highlighted 2021 gold outflows compared with bitcoin inflows earlier this week, and it’s becoming clearer and clearer to many traditional investment shops that rotating at least some of their gold exposure into bitcoin is sensible.

Meanwhile, expectations the SEC will soon approve applications for bitcoin ETFs have also been generating buzz in the community.

A lot of this momentum has come from the recent SEC Chair comments that these applications could be received favorably by the regulator.