LMAX Digital volumes were rather flat on Tuesday. Total notional volume for Tuesday came in at $285 million, 2% below 30-day average volume.

Bitcoin volume printed $188 million on Tuesday, 6% above 30-day average volume. Ether volume came in at $64 million, 7% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $6,894 and average position size for ether at $2,933.

Market volatility continues to trend lower since peaking in August. Bitcoin volatility is at its lowest level since June, while ETH volatility is at its lowest since February.

We’re looking at average daily ranges in bitcoin and ether of $1,868 and $100 respectively.

Traditional markets have perhaps been even more turned on to bitcoin as MicroStrategy stock surges to its highest level in 6 months.

The company has been aggressive in recent years with its bitcoin accumulation strategy, something that has strengthened the balance sheet significantly, while inspiring other companies to think about doing the same.

These names include Metaplanet, Semler Scientific, OneMedNet, and Real Bedford FC.

We believe this development has also served as a welcome distraction from possible downside pressure on crypto assets resulting from a recent recovery in the US Dollar.

The Dollar had been well bid across the board since last week’s strong US jobs report. And yet, crypto assets have held up relatively well considering this flow.

Looking ahead, things will get more interesting over the coming sessions as the market takes in today’s Fed Minutes and tomorrow’s round of US inflation data.

Technically speaking, bitcoin continues to trade within a major consolidation, though a recent break above $65,000 could be warning of the next big push back towards a retest and break of the record high from earlier this year.