LMAX Digital volumes kicked off the week showing a little bit of a dip from recent levels.

Total notional volume for Monday came in at $558 million, 7% below 30-day average volume.

Bitcoin volume printed $443 million on Monday, 3% below 30-day average volume. Ether volume came in at $75 million, 26% below 30-day average volume.

Average position size over the past 30 days has been trending up. We’re seeing average bitcoin position size at $14,931 and average position size for ether at $3,430.

Volatility has been trending just off yearly high levels set the other week. We’re looking at average daily ranges in bitcoin and ether of $1,516 and $88 respectively.

As we had anticipated, setbacks in crypto assets have been rather shallow. There continues to be plenty of demand into year end, and it’s already looking like bitcoin and ether could be in the process of carving out higher lows ahead of another push to fresh yearly highs.

While there continues to be plenty of debate around the monetization of non-financial data on bitcoin, there has been no denying the impact on miners, with miner revenues seeing a significant uptick on the back of the surge in bitcoin inscriptions.

Over the weekend, bitcoin miner revenue generated from fees hit a record high in US Dollar terms. Big picture, the net takeaway is positive as it reflects a crypto ecosystem that continues to develop and grow into a more meaningful economy.

Looking ahead, we expect there will continue to be demand as excitement builds towards the approval of the bitcoin spot ETFs, the bitcoin halving event, and widespread mainstream and institutional adoption in 2024.

We also find that trends have a way of pushing into year end, and the trend in crypto has been quite bullish into year end.