LMAX Digital’s total notional volume rocketed higher on Wednesday, coming in at $3.98 billion, up 59% from 30-day average volume.

Bitcoin volume was equally impressive relative to 30-day average volume, coming in at $2.05 billion. Ether volumes continued to shine as well. On Wednesday, Ether volume came in at $1.18 billion, up 80% from average 30-day volume.

Total notional volume at LMAX Digital over the past 30 days comes in at $75.31 billion. Average trading size for Bitcoin comes in at $11,500. Average trading size for Ether comes in at $6,500.

The average daily trading range for BTCUSD is $4,806. The average daily trading range for ETHUSD is $472.

There’s been quite a bit of hectic back and forth out there and market participants are trying to figure out if this is just some calm ahead of the next storm, or if we’ve finally reached bottom.

In our technical overview, we’ve highlighted the possibility for a lot of choppy directionless trade in the days ahead.

Using Bitcoin as a proxy, we believe we’ll need to see a break above $47,000 or back below $30,000 for clearer directional bias. Anything in between is just reflective of a lot of indecision.

There’ve been a couple of interesting stories over the past 24 hours, both of which have been positive for the space.

Famed activist investor Carl Icahn has come out in support of cryptocurrencies, while Paypal has gone ahead and announced next steps to allow users to withdraw their cryptocurrency to third-party wallets.

Another story of interest is around a Nebraska bill creating a bank framework for digital asset firms getting signed into law.