LMAX Digital volumes continue to trend higher in October. Total notional volume for Wednesday came in at $462 million, 69% above 30-day average volume.

Bitcoin volume printed $348 million on Wednesday, 94% above 30-day average volume. Ether volume took a breather, coming in at $65 million, 5% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $8,166 and average position size for ether at $2,638.

Bitcoin volatility has risen to its highest levels since April, while ether volatility is at its highest levels since July. We’re looking at average daily ranges in bitcoin and ether of $1,161 and $56 respectively.

Seasonality trend analysis has not disappointed in October. Heading into the month, we highlighted crypto’s strong performance track record in the month of October.

As we come towards the close of the month, bitcoin stands out as a clear outperformer in financial markets across the board, up around 30% month-to-date. Ether has also done well, up around 8% month-to-date.

The only other major asset getting attention for being up this month is gold, up only 7% in comparison. Otherwise, currencies are down against the US Dollar, with many tracking at fresh yearly lows, and US equities are struggling.

The key takeaway here is that there is something special going on with the crypto market and investors are feeling it. Bitcoin has surged in the face of risk off flow, with market participants waking up to the asset’s attractive store of value properties.

At the same time, the regulatory climate has been warming up and the expectation the SEC will soon approve a bitcoin spot ETF has reached an all-time high.

Technically speaking, this week’s bitcoin push to a fresh yearly high has opened the door for the next major upside extension targeting $40,000.