LMAX Digital volumes rocketed higher as the week got going. Total notional volume for Monday came in at $580 million, 144% above 30-day average volume.

Bitcoin volume printed $393 million on Monday, 156% above 30-day average volume. Ether volume came in at $135 million, 119% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $7,822 and average position size for ether at $2,546.

Volatility has broken back above recent multi-day consolidation highs in both bitcoin and ether. Bitcoin volatility has just traded to its highest level since April. We’re looking at average daily ranges in bitcoin and ether of $1,200 and $55 respectively.

The narrative around crypto assets continues to improve. Both the US courts and court of public opinion have moved more towards acceptance of the asset class, and the market continues to anticipate the next big wave of adoption.

Clearly there has been a big focus on the flood gates getting opened up on an SEC approval of spot bitcoin ETF applications. Many believe this approval will happen between now and Q1 2024.

On Monday, SEC Commissioner Hester Peirce may have helped the cause even more after expressing how she was confounded by the holdup of an SEC approval of a bitcoin spot ETF. Peirce went on to say she has been supporting the case for such an approval over the past 5 years.

Meanwhile, Michael Saylor was out making headlines after talking about how MicroStrategy’s bitcoin position had once again turned profitable following the latest run up in price.

Technically speaking, we’ve highlighted the break in the price of bitcoin to a fresh 2023 high, which also has set the stage for the next major upside extension with a measured move target objective at $40,000.