LMAX Digital volumes put in another impressive day, making it back to back days of total volume over a yard. Total notional volume for Tuesday came in at $1.4 billion, 78% above 30-day average volume.

Bitcoin volume printed $1.1 billion on Tuesday, 108% above 30-day average volume. Ether volume came in at $129 million, 12% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $11,098 and average position size for ether at $3,062.

Market volatility has trended higher in recent weeks. We’re looking at average daily ranges in bitcoin and ether of $3,531 and $175 respectively.

There is nothing alarming about the recent pullback in the price of bitcoin. Month-to-date, bitcoin is up 30% into Wednesday and is holding well above the previous weekly low.

While it’s possible we see deeper setbacks in the sessions ahead, any setbacks are still classified as corrective within a very strong uptrend. And certainly while we hold above $90,000, the focus remains on a break of $100k.

The most realistic driver of recent weakness is position adjusting ahead of $100k, with many shorter-term traders looking to take profit in anticipation of a pullback.

But as we’ve highlighted many times, if bitcoin is interested in keeping with the Q4 performance trend since 2013, there is still plenty of room for the crypto asset to run before the year is out.

Fundamentally, there a couple of noteworthy headlines out there that should fuel additional support for crypto assets overall.

The first headline is a headline that supports the case we’ve been making for a resurgence in ETH demand relative to bitcoin.

On Tuesday, the US Court of Appeals for the Fifth Circuit ruled that the US Treasury’s sanctions against Tornado Cash smart contracts were unlawful.

The move is important as it highlights the fact that smart contracts should not be viewed as property, rather infrastructure as a part of an open-source technology.

Smart contracts play a pivotal role in the world of decentralized finance, with most of that world playing out on Ethereum. The ruling should therefore be a welcome development for ETH.

The second headline is one we’ve suggested we will start seeing a lot more of in the coming weeks and months.

Video sharing platform Rumble has just come out announcing a $20 million bitcoin treasury strategy, drawing inspiration from the success of MicroStrategy.

Rumble CEO Chris Pavlovski was quoted as saying “the move emphasizes Rumble’s belief in Bitcoin as a valuable tool for strategic planning and is designed to accelerate the company’s expansion into cryptocurrency.”