LMAX Digital volumes have been solid all week. Total notional volume for Wednesday came in at $468 million, 7% above 30-day average volume.

Bitcoin volume printed $341 million on Wednesday, 22% above 30-day average volume. Ether volume came in at $86 million, 21% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $11,431 and average position size for ether at $3,3376.

Volatility has cooled off in recent sessions after stalling out ahead of yearly high levels. We’re looking at average daily ranges in bitcoin and ether of $1,138 and $74 respectively.

Bitcoin managed to extend its run of yearly highs on Wednesday ahead of this latest minor pullback.

Ultimately, despite the push higher, the price has been well capped below $40,000 and is still waiting for the next decent catalyst to propel it beyond the elusive barrier.

Still, the focus remains on the topside and there have been plenty of market drivers that have been accounting for the recent strength.

One of those drivers comes from the global macro front, where the market has been more aggressive about pricing in peak rates in the US. This has resulted in broad based US Dollar weakness, which in turn has been supportive of bitcoin.

On the crypto front, there has been increased optimism around the eventual SEC approval of the bitcoin spot ETFs now that the SEC has changed its stance and is seeking public opinion on the matter.

Other crypto specific positive developments include a rise in exchange reserves of stablecoins, which suggests buying power and an anticipation of demand for bitcoin, and Jack Dorsey’s seed round investment in bitcoin mining pool OCEAN.

Looking ahead, there could be added Thursday volatility around US  core PCE reads and month end flow.