Total notional volume at LMAX Digital shot up in the previous week. Total notional volume from last Monday through Friday came in at $1.98 billion, 114% higher than the week earlier.

Breaking it down per coin, bitcoin volume came in at $1.4 billion in the previous week, 150% higher than the week earlier. Ether volume came in at $394 million, 50% higher than the week earlier.

Total notional volume over the past 30 days comes in at $6.6 billion.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $7,752 and average position size for ether at $2,523.

Volatility has pushed back to the topside in recent days, though overall, continues to consolidate off the cycle lows from August. We’re looking at average daily ranges in bitcoin and ether of $829 and $46 respectively.

There have been times when the price of bitcoin has correlated with global risk sentiment. But we’ve always warned against relying on this correlation as something set in stone.

In fact, we’ve spent a lot of time on this point in recent years, arguing that while there is indeed some correlation with risk sentiment from market participants who still view bitcoin as a maturing, emerging asset, there is also plenty of good reason to see bitcoin rallying in periods of risk off.

And indeed, this is what we’ve been seeing in recent days. As stocks head south, bitcoin has been making its way higher, contemplating a break to fresh yearly highs.

The better asset to be comparing bitcoin to right now is gold. We’ve seen an intense uptick in demand for the yellow metal as geopolitical risk has ramped up and investors look for store of value assets.

Naturally, when such consideration is being given, bitcoin becomes attractive as well. We’ve seen and heard of many examples where portfolio managers have looked to lighten up gold exposure and rotate some of that into bitcoin.

Of course, there are other potential drivers of recent demand. The one at the top of the list is the growing expectation the SEC will approve a bitcoin spot ETF, which will usher in the next major wave of institutional adoption.

Finally, market participants have been encouraged by recent SEC actions in which it has held off from appealing the Grayscale decision, and withdrawn charges against Ripple CEO Brad Garlinghouse and Executive Chairman Chris Larsen relating to  securities violations with XRP transactions.