LMAX Digital volumes put in another solid performance on Tuesday. Total notional volume for Tuesday came in at $1 billion, 21% above 30-day average volume.

Bitcoin volume printed $599 million on Tuesday, just 1% below 30-day average volume. Ether volume came in at $169 million, 25% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $12,701 and average position size for ether at $3,122.

Market conditions have been quite volatile in recent days. Bitcoin volatility is just off its highest levels of the year, while ETH volatility is just off its highest levels since April.

We’re looking at average daily ranges in bitcoin and ether of $4,196 and $211 respectively.

The market wasn’t expecting the vote to go through. According to PolyMarket, odds Microsoft shareholders would vote in favor of adding bitcoin to the balance sheet stood at a lowly 13%. And indeed, the vote did not pass.

But the key takeaway here should not be whether the vote went through, rather the fact that a major corporation like Microsoft was even considering such a proposal.

This shows how far bitcoin has come in such a short time and should serve as an indication of where we’re headed and how much more room there is to grow.

In recent months, there has been plenty of talk around major companies adding bitcoin to the balance sheet. Amazon is another name that has come up this week after a similar push was made for shareholders to consider investment in bitcoin as a reserve asset.

As far as the recent setbacks go, as we’ve already highlighted, the crypto market was due for some form of a correction after racing higher in recent weeks. But the price action is viewed as nothing more than this, with a higher low sought out ahead of fresh upside.

Indeed, there has also been some selling of the fact now that the Trump presidency has been priced in. And yet, we also believe the warm embrace of the new administration will translate to many more positive catalysts that have yet to be priced.

For now, there should be more focus on the price of ETH, especially after we finally saw bitcoin clear the $100k level. ETH is the second largest asset in the space and should be wanting to make its own move back towards its record high from 2021.

A higher ETH price reflects a healthy appetite for crypto as an asset class and the appeal of benefits that extend beyond bitcoin into the world of smart contracts and decentralized finance.