Total notional volume at LMAX Digital was up impressively in the previous week. Total notional volume from last Monday through Friday came in at $1.4 billion, 33% higher than the week earlier.

Breaking it down per coin, Bitcoin volume came in at $909 million in the previous week, 49% higher than the week earlier. Ether volume came in at $342 million, 11% higher than the week earlier.

Total notional volume over the past 30 days comes in at $5.2 billion.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $7,557 and average position size for ether at $2,469.

Volatility is holding up after recovering from cycle lows in August. We’re looking at average daily ranges in bitcoin and ether of $722 and $46 respectively.

Activity should start off on the lighter side this week on account of the long holiday weekend in the US.

Overall, the market is contending with the latest round of setbacks, which have completely negated an impressive recovery following the Grayscale victory in the previous week.

The market didn’t have too long to celebrate last week’s court ruling, with the SEC following up the decision with a delay of bitcoin spot ETF applications, most notably from BlackRock and Fidelity.

Ultimately, the message is one in which the market needs to proceed with caution, even in the face of favorable court outcomes, as the SEC can still find ways to make things difficult for crypto in denying the approval of the ETFs.

Still, overall, we suspect the bitcoin ETFs will get approved and usher in the next big wave of institutional adoption in the space.

Technically speaking, last week’s setbacks have done nothing to really change the picture.

While the price of bitcoin holds up above $25k, the outlook remains constructive and the expectation is for fresh upside back towards and through the yearly high.