LMAX Digital volumes got off to an impressive start this week. Total notional volume for Monday came in at $607 million, 61% above 30-day average volume.

Bitcoin volume printed $381 million on Monday, 60% above 30-day average volume. Ether volume came in at $160 million, 82% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $11,243 and average position size for ether at $3,136.

There are some signs of volatility getting ready to turn back up after dropping by more than 40% from the January peak. We’re looking at average daily ranges in bitcoin and ether of $1,488 and $85 respectively.

Price action feels like it’s getting back to doing what it wants to be doing following all the drama around the bitcoin ETF approvals in January. The event had been so anticipated and priced in, that the market went through a period of adjustment selling once confirmed.

The added drama around the selling out of GBTC made things even more complicated. But all of the data is showing we are finally getting back on track, with GBTC outflows thinning out and overall ETF inflows tracking in positive territory and looking quite promising.

Anticipation around the Ethereum ETF approvals later this year is also giving the crypto market a boost. Franklin Templeton has just gone ahead and filed as the ninth applicant for an Ethereum ETF.

There are some who cite the record run in US equities as another source for the added demand we’ve been seeing. While we wouldn’t rule this out, correlations between bitcoin and traditional assets have been less relevant in recent months.

We’re also hearing there has been more interest in crypto assets on account of the Chinese New Year, which historically produces gains for bitcoin. The fact that this year is the year of the dragon, one of the luckiest and most prosperous in the Chinese Zodiac, certainly isn’t hurting the cause.

Technically speaking, the focus is now on a retest of the record high from 2021. Monday’s push through the January high and above $50k has set the stage for this next big run to the topside.