Total notional volume at LMAX Digital improved in the previous week, with ETH volume driving the ship. Total notional volume from last Monday through Friday came in at $3.85 billion, 61% higher than a week earlier.

Breaking it down per coin, bitcoin volume came in at $1.49 billion, holding steady with the previous week. Ether volume came in at $1.8 billion, 255% higher than the week earlier.

Total notional volume over the past 30 days comes in at $13.1 billion.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $7,849 and average position size for ether at $3,769.

Market volatility for bitcoin continues to trend lower since peaking in March. Eth volatility has bottomed out and is trying to trend back to the topside.

We’re looking at average daily ranges in bitcoin and ether of $2,467 and $178 respectively.

ETH has been well in demand and clearly outpacing performance in bitcoin since the news around the SEC approval of the ETH spot ETFs. At the same time, the price action has been somewhat subdued when considering the gravity of the event.

One could argue recent price action is nothing more than a market that has been booking some profit on confirmation of the approvals after there had already been a nice rally in anticipation of the event.

The price of ETH rallied over 20% last week ahead of the actual SEC approval, as news broke that this could in fact happen.

We believe this is the best explanation for the subdued response, which actually makes things look that much more bullish when considering the price continues to push higher despite some selling on the news.

Another explanation for the subdued reaction could very well be the fact that unlike the bitcoin ETFs which went live as soon as they were approved, the ETH ETFs will take more time before actually going live. The S-1 forms for the ETH ETFs still need to get worked out and this could take a number of weeks before completion.

But the ETFs are coming in the weeks ahead and should invite plenty of additional interest from traditional market participants, which means a major uptick in ETH demand.

Overall the outlook for ETH is exceptionally bright and there is plenty of room to run, with the currency still tracking 20% off the record high from 2021.

Remember, bitcoin has already taken out its previous record high from 2021. We expect ETH is now setting up to do the same.