LMAX Digital volumes put in another impressive performance on Wednesday. Total notional volume for Wednesday came in at $1.6 billion, 210% above 30-day average volume.

Bitcoin volume printed $1.22 billion on Wednesday, 261% above 30-day average volume. Ether volume came in at $144 million, 57% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $10,231 and average position size for ether at $3,253.

Market volatility has been trending back up since bottoming out in October. We’re looking at average daily ranges in bitcoin and ether of $3,379 and $151 respectively.

The red sweep is official after it was finally confirmed the Republicans will maintain control of the House.

The news solidifies the prospect for what should be an exceptionally friendly regulatory environment for crypto assets in the United States under the Trump administration.

Prediction market platform Polymarket is already offering a market on the likelihood President-elect Trump will create a national bitcoin reserve, with those odds sitting at about 31%.

As far as price action goes, there has been a lot of talk around the possibility for a healthy correction after bitcoin surged to a fresh record high above $90,000.

But if we consider proximity to the massive barrier at $100,000 and Q4 performance metrics, it feels like the market might want to take out that $100k barrier before any decent correction takes hold.

ETH has broken out as well in recent days, with the push through what had been a consolidation high at $2,820 opening the door for an acceleration of gains back above $4k and towards a retest of the 2021 record high.

As far as any setbacks go, we would look for previous resistance to act as formidable support for bitcoin. This suggests that any setbacks we do see should find plenty of demand in the $68,000 to $74,000 area.