LMAX Digital volumes have been solid on the whole thus far this week. Total notional volume for Tuesday came in at $474 million, 10% above 30-day average volume.

Bitcoin volume printed $364 million on Tuesday, 32% above 30-day average volume. Ether volume struggled, coming in at just $79 million, 27% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $11,384 and average position size for ether at $3,358.

Volatility has cooled off in recent sessions after stalling out ahead of yearly high levels. We’re looking at average daily ranges in bitcoin and ether of $1,167 and $76 respectively.

We’re getting set to close out another impressive month of performance for crypto assets. Beyond the performance in November, we believe the biggest takeaway for the month has been just how resilient crypto assets have been in the face of adversity.

This includes headwinds around the SEC failing to approve the spot bitcoin ETFs, Binance turmoil, and fresh SEC complaint against Kraken.

Despite all of these headwinds, crypto assets have been exceptionally strong, outperforming traditional assets as well.

Ether has led the way up some 15%, and bitcoin not far behind, up some 12% for the month. The performance has been all the more impressive as it has been accompanied by rising volume metrics. Bitcoin has also extended its run of fresh yearly highs.

The market is clearly getting turned on to the longer-term value proposition and is now positioning for mass adoption in 2024. We believe the official SEC approval of bitcoin spot ETFs in early 2024 will be a major catalyst.

Looking ahead to December, we think the biggest crypto news story will be around just how impressive performance in the asset class has been overall in 2023, especially when compared to traditional assets.