LMAX Digital volumes cooled off on Tuesday after an impressive run of robust prints. Total notional volume for Tuesday came in at $262 million, 12% below 30-day average volume.

Bitcoin volume printed $153 million on Tuesday, 23% below 30-day average volume. Ether volume came in at $68 million, 6% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $8,652 and average position size for ether at $2,728.

Volatility has settled down in recent sessions after breaking to the topside, out from multi-week lows. We’re looking at average daily ranges in bitcoin and ether of $1,020 and $55 respectively.

Seasonality trend analysis did not disappoint in October. Heading into the month we highlighted the possibility bitcoin would perform well on account of October being the strongest performance month for bitcoin since inception.

In the end, bitcoin closed out October up 27%, outshining all other major assets across both crypto and traditional markets. And indeed, the run higher in the price of bitcoin also managed to have a positive spillover effect on ether, which closed out the month up 8%.

One of the most interesting takeaways for the month was bitcoin’s outperformance in the face of intense downside pressure on risk assets, against a backdrop of geopolitical tension and ongoing higher for longer monetary policy communications from the Federal Reserve.

The key point here is that against the risk liquidation backdrop, bitcoin was able to outperform on the recognition of the asset as an attractive store of value play. By comparison, the only other major traditional asset to outperform in October was gold, though gold was up a more modest, but still impressive 7% on the month.

Of course, there were other factors contributing to bitcoin’s outperformance, namely developments from the regulatory front. Bitcoin already has a decided advantage over ether and other cryptocurrencies when it comes to regulatory acceptance.

And in October, we saw even more positive momentum in bitcoin’s favor on increased optimism around the SEC approval of a bitcoin spot ETF.

The market knows such an approval will usher in a mass wave of institutional adoption. And so, now that odds for such an approval are looking that much better, demand for bitcoin has built up in anticipation of the event.

Looking ahead, we suspect there will be some added volatility on Wednesday in reaction to the Fed decision.

Whatever the outcome, there appears to be good reason for investors to be wanting to increase exposure on demand for bitcoin both as a store of value and risk correlated, emerging asset.