Total notional volume at LMAX Digital continues to trend higher in 2023. Total notional volume from last Monday through Friday came in at $2.9 billion, 9% higher than the week earlier.

Breaking it down per coin, bitcoin volume came in at $1.8 billion in the previous week, 14% higher than the week earlier. Ether volume came in at $762 million, 2% higher than the week earlier.

Total notional volume over the past 30 days comes in at $12 billion.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $10,307 and average position size for ether at $3,152.

Volatility has continued to climb from multi-month lows, trading to its highest levels in months.

Ether volatility has traded to its highest levels since May, while bitcoin volatility has run up to its highest levels since March.

We’re looking at average daily ranges in bitcoin and ether of $1,196 and $77 respectively.

The crypto market remains well supported overall, despite some discouraging news in the previous week.

There had been excitement around the possibility the SEC would finally go ahead and approve the bitcoin spot ETFs. But once again, this was let down.

However, despite the news, the impressive takeaway is that setbacks have been limited and well absorbed. The market believes the SEC will eventually relent, even if not until early 2024.

There have been other encouraging takeaways as well. Investment into digital assets has been trending up. Total funding rocketed higher in the previous week, coming in just shy of $400 million, which also more than tripled the showing from a week earlier.

Blockchain payments firm Fnality’s $95 million Series B raise led by Goldman Sachs and BNP Paribas got the most attention.

And over the weekend, cryptocurrencies perhaps got another boost from the political front. Libertarian Javier Milei, who has expressed his appreciation for bitcoin, came through as the winner in Argentina’s presidential election.

Technically speaking, bitcoin is focused on extending the current run through next major resistance in the form of the $40k barrier. Any setbacks should be very well supported ahead of $32k.