LMAX Digital volumes were impressive on Wednesday, surging to their highest level since early August. Total notional volume for Wednesday came in at $1.47 billion, 344% above 30-day average volume.

Bitcoin volume printed $1.1 billion on Wednesday, 406% above 30-day average volume. Ether volume came in at $210 million, 246% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $9,221 and average position size for ether at $2,806.

Market volatility has turned up sharply after bottoming out in October. We’re looking at average daily ranges in bitcoin and ether of $2,517 and $126 respectively.

Though we have seen plenty of traditional market adoption of crypto assets in 2024, this week’s US election result has likely opened the door to the next surge in bullish momentum.

Survey’s amongst institutional investors have repeatedly shown regulatory clarity as the number one priority when it comes to feeling comfortable about investing in crypto assets.

What looks to be a red sweep in which there will be Republican control of both the House and Senate is a massive step towards securing that regulatory clarity given how crypto friendly the Trump campaign has been.

During the campaign, Trump said he would make the United States the crypto capital of the world, while creating a bitcoin stockpile and appointing regulators supporting digital assets.

Technically speaking, beyond the bullish development of bitcoin pushing to a fresh record high, the market should perhaps be paying attention to what could be a more bullish development.

ETH has been lagging for much of 2024, unable to make its own record high despite bitcoin doing so.

But we’ve finally seen ETH take out significant resistance just over $2,800, suggesting the asset could be getting ready for its own push to a fresh record high.

The crypto market is looking for a resurgence in the decentralized finance space, with Ethereum playing an important part in this initiative.

And so, now that bitcoin has finally pushed through $75k and ETH has broken back above $2,800 the stage is set for what could be a strong close to 2024 and bright outlook in 2025.