LMAX Digital volumes got off to a good start this week. Total notional volume for Monday came in at $361 million, 32% above 30-day average volume.

Bitcoin volume printed $252 million on Monday, 52% above 30-day average volume. Ether volume came in at $53 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 $8,043 and average position size for ether at $2,942.

Market volatility is showing signs of wanting to bottom out after trending lower since March. We’re looking at average daily ranges in bitcoin and ether of $2,001 and $98 respectively.

Bitcoin is on the move after finally clearing the July peak and major psychological barrier at $70,000. This sets the stage for a direct retest of the record high from earlier this year.

As per our technical insights, once the record high from March is taken out, it will open a measured move upside extension that targets a push towards the massive milestone at $100,000.

Fundamentally, we continue to see plenty of support around crypto assets in 2024, including what promises to be a friendly incoming US administration, whoever it might be.

Indeed, Trump has been decidedly more crypto friendly. At the same time, this has forced the hand of the Harris campaign to take on its own crypto friendly policies, all of which has been supportive in the lead up to the November election.

Of course, we continue to highlight adoption from the launch of the ETFs earlier this year, along with adoption from major players in the traditional markets space.

Another important highlight in 2024 is the bigger spotlight on government and corporate investment strategies focused on building bitcoin exposure.

Interestingly enough, though we have already seen bitcoin make a fresh record high in 2024 after taking out the previous record high from 2021, we have yet to see the price of ETH take out its record high from 2021.

Given how strong crypto performance has been in Q4s, we wonder if this sets the stage for a healthy surge between now and year end.