LMAX Digital volumes cooled off a bit on Wednesday but held above 30-day average volume. Total notional volume for Wednesday came in at $433 million, 6% above 30-day average volume.

Bitcoin volume printed $313 million on Wednesday, 29% above 30-day average volume. Ether volume came in at $69 million, 37% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $8,516 and average position size for ether at $3,243.

Market volatility has cooled off after an impressive run higher in early August. We’re looking at average daily ranges in bitcoin and ether of $2,831 and $148 respectively.

This week’s theme has been very much about a crypto market caught in consolidation all while the fundamental signals continue to look up.

On Wednesday, we heard about more crypto friendly support from the Harris campaign. On the macro front, the market is pricing a Fed leading the rate cut race, with 100 basis points of cuts seen between now and year end.

One key metric worth highlighting is stablecoin flows. We’ve seen a notable jump in stablecoin inflows, with the total market capitalization jumping by some $2 billion over the past week.

The increase in demand for stablecoins reflects an increasing appetite from traditional market participants looking to bridge from the world of fiat to digital assets.

Beyond the bridging component, stablecoins are also a critical piece of infrastructure providing necessary liquidity to the crypto ecosystem.

We’ve also just seen a 5th consecutive day of inflows into the bitcoin spot ETFs, which adds to the case for a push higher in the price of bitcoin over the coming sessions.

Technically speaking, it will be worth keeping an eye on bitcoin range resistance at $63,000. A clear break and daily close above this level will likely open a fresh wave of bullish momentum.