Total notional volume from last Monday through Friday came in at $1.8 billion, 14% higher than a week earlier.

Breaking it down per coin, bitcoin volume came in at $1.1 billion, 9% higher than the previous week. Ether volume came in at $333 million, 4% lower than the week earlier.

Total notional volume over the past 30 days comes in at $8 billion.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $7,353 and average position size for ether at $2,932.

Market volatility continues to trend lower overall since peaking earlier this year. We’re looking at average daily ranges in bitcoin and ether of $1,865 and $94 respectively.

It’s feeling like a breakout to a fresh record high in the price of bitcoin is inevitable and inching closer. The market has been very well bid in recent days, consistent with seasonal trend analysis that had been forecasting a strong October performance.

The next big obstacle is a barrier at $70,000 which coincides with the July 2024 high and guards against the record high from March at $73,835. There has been some chatter that up until this point, optionality and strikes have been working to keep the market capped.

But it looks like pressure has been mounting for a breach of the $70k resistance, and as per our technical insights, this could set the stage for a push through the record high.

If we consider the bitcoin consolidation over the past several months, it’s been a consolidation of roughly $25,000 between $50k and $75k.

Given that markets like to move in measured moves, a breakout to a fresh record high would then imply the next measured move upside extension of $25,000, targeting a test of the major psychological barrier at $100k.

Fundamentally, ETF inflows have picked back up in a big way in recent days, highlighting super impressive total net flows which translate to an extremely successful launch of bitcoin and ETH ETFs in 2024.

The appetite for the ETFs clearly reflects a traditional market that is very interested in taking on exposure to the emerging asset class.

Meanwhile, politics have also factored into the recent price appreciation. The market believes Trump to be the decidedly more crypto friendly candidate. Trump has been gaining in the polls and is well out in front on predictive markets platform Polymarket.