LMAX Digital volume put in another impressive performance on Wednesday.

Total notional volume for Wednesday came in at $255 million, 36% above 30-day average volume.

Bitcoin volume printed $177 million on Wednesday, 64% above 30-day average volume. Ether volume printed $51 million, 2% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $7,623 and average position size for ether at $2,651.

Volatility is holding up after recovering from cycle lows earlier this month. We’re looking at average daily ranges in bitcoin and ether of $707 and $47 respectively.

It makes sense to see the crypto market pull back a bit in the aftermath of the celebrated Grayscale court victory.

After all, nothing is set in stone. Until we get an actual approval of a bitcoin spot ETF from the SEC, the market will proceed with caution.

But overall, this week’s Grayscale win is a big positive for the crypto space, as it reflects a shifting sentiment among the establishment.

We’ve already seen other wins this year for crypto in the courts (remember Ripple), and all of this paves the way for a more accepting regulatory climate in the US.

Technically speaking, this week’s rally in the price of bitcoin has taken the immediate pressure off the downside, with the $25k area holding up as formidable support.

This puts the focus back on the recovery out from the 2022 low, with a higher low sought out above $25k ahead of the next major upside extension back above the yearly high.

Ultimately, it would take a break back below $25k to delay the bullish outlook.