LMAX Digital volumes cooled off a bit on Wednesday, but held up well overall. Total notional volume for Wednesday came in at $1 billion, 1% above 30-day average volume.

Bitcoin volume printed $619 million on Wednesday, 4% above 30-day average volume. Ether volume came in at $112 million, 14% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $12,680 and average position size for ether at $2,988.

Market conditions have been quite volatile in recent days. Bitcoin volatility is just off its highest levels of the year, while ETH volatility is just off its highest levels since April.

We’re looking at average daily ranges in bitcoin and ether of $4,196 and $211 respectively.

In Wednesday’s report, we highlighted the need for there to be more focus on the world’s second largest crypto asset.

ETH had been lagging all year and was due for a period of outperformance, particularly after a Trump election victory that signaled a warmer embrace of crypto assets.

So it didn’t come as much of a surprise to see the news later in the day of BlackRock and Fidelity purchasing half a billion dollars worth of ETH.

The market was also turned on to the story around Trump backed World Liberty Financial swapping stable coins for ETH, yet another sign of the type of ETH friendly market environment we could be headed for in 2025.

Headlines around bitcoin have been constructive as well. We highlight two stories that continue to show how the mainstream and traditional markets are becoming more accepting of the asset.

Billionaire Ray Dalio, founder of Bridgewater Associates, the world’s largest hedge fund, was out talking up bitcoin as a hard money investment, while the city of Vancouver just passed a motion to make it a bitcoin friendly city.

Technically speaking, the trend is often your friend into year end, which means there is more room for bitcoin and ETH to run.

As far as ETH goes, it has yet to take out the record high from 2021. Given how quickly things can move in this market, should ETH establish back above $4k in the sessions ahead, this could trigger an acceleration into year end towards a retest and break of the record high up at $4,870.