LMAX Digital volumes held up relatively well on Monday considering the Christmas holiday. Total notional volume for Monday came in at $444 million, 26% below 30-day average volume.

Bitcoin volume printed $340 million on Monday, also 26% below 30-day average volume. Ether volume came in at $42 million, 54% below 30-day average volume.

Average position size over the past 30 days has been trending up. We’re seeing average bitcoin position size at $15,886 and average position size for ether at $3,449.

Volatility has been correcting just off yearly high levels set the other week. We’re looking at average daily ranges in bitcoin and ether of $1,403 and $88 respectively.

Everything continues to look good with respect to the SEC’s approval of bitcoin spot ETF applications. Last week’s meeting between the SEC and ETF applicants was described as collaborative, further reinforcing expectations we will indeed see approvals go through in the early days of January.

The SEC has now instructed bitcoin spot ETF applicants to submit final changes to applications by December 29. And by many accounts, an approval should come through before January 10. BlackRock has added to the optimism after saying the bitcoin ETF was a key corporate priority.

In other news, the arrival of Argentina’s President, Javier Milei, has been a most welcome arrival for crypto enthusiasts. The country’s new Minister of Foreign Affairs is following through with Milei’s vision, confirming Argentina is ready to embrace bitcoin for contractual agreements.

Technically speaking, bitcoin has been confined to a period of consolidation after recently pushing to a fresh yearly high. But as per our chart analysis, the market is trading within a clearly defined uptrend and any setbacks should be very well supported on dips into rising trend-line support in the $40k area.