LMAX Digital volumes for Wednesday cooled off from Tuesday’s yearly high levels, but were still well above 30-day average volumes. Total notional volume for Wednesday came in at $1.2 billion, 69% above 30-day average volume.

Bitcoin volume printed $734 million on Wednesday, 69% above 30-day average volume. Ether volume came in at $352 million, 83% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $14,972 and average position size for ether at $3,988.

Market volatility is tracking at its highest levels since 2022. We’re looking at average daily ranges in bitcoin and ether of $2,949 and $181 respectively.

Price action has been a little whippy since bitcoin poked through to a fresh record high earlier this week. There has been some speculation that some of the post record high selling had been triggered by activity from early bitcoin miners who were out selling old block rewards.

Of course, the market has since stabilized, with dips proving to be exceptionally well supported thus far. We continue to see sizable demand from traditional market players who have been excited to take on exposure now that the ETF products have arrived.

There is also plenty of chatter around bullish price action associated with the upcoming bitcoin halving event due in April. Historically, the halving events have been accompanied by price surges and the market is pricing the same expectation this time round.

El Salvador’s bet on bitcoin has also gotten a lot of positive attention, showing just how effective bitcoin can be for a nation looking to put the alternative store of value asset on its balance sheet. El Salvador holds some 3000 bitcoins, with the investment returning 60% more than what it was paid for.