LMAX Digital volumes cooled from Tuesday’s impressive levels but held up well above 30-day average volume overall. Total notional volume came in at $604 million, 36% above 30-day average volume.

Bitcoin volume printed $239 million, 9% below 30-day average volume. Ether volume came in at $243 million, 106% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $8,071 and average position size for ether at $3,596.

Bitcoin volatility is still trending lower since peaking in March, while ETH volatility has turned back up in recent sessions. We’re looking at average daily ranges in bitcoin and ether of $2,558 and $167 respectively.

The wins keep coming for the crypto market. On Wednesday, the US House voted in favor of a brighter path forward that would have the Commodities Futures Trading Commission taking on a more active role as the top regulator for the industry.

This is the first time a major crypto bill has cleared one of the chambers of commerce and the fact that it still needs to go through the Senate where the outcome is less clear is almost secondary.

The vote is powerful and more symbolic of a shifting sentiment in the US government than anything else, as it reflects an overwhelming bipartisan support for the crypto asset class and crypto innovation within the United States.

All of this comes at a time when the market has already been feeling more upbeat around the prospect for an SEC approval of the ETH spot ETFs, and at a time when the first major Presidential nominee has embraced crypto as a form of donation for a political campaign.

Technically speaking, bitcoin has been considering a push back through the March record high, which if confirmed, would open the door for the next major upside extension towards the much talked about $100k barrier.

As a reminder, both bitcoin and ETH had made record highs back in 2021, but only bitcoin has managed to take out that previous record high in 2024.

We believe this important as ETH is still looking to make its own new record high in 2024 and has a lot of room to run for this to happen.

Given the positive momentum on the adoption and regulatory fronts, we suspect ETH will indeed succeed in making a fresh record high, which could very well translate to another big surge in bullish momentum over the coming days and weeks.

As of the time of today’s update, ETH is still off over 22% from the 2021 record high. Indeed, plenty of room for things to run.