LMAX Digital volumes got a nice overdue boost on Monday. Total notional volume for Monday came in at $616 million, 53% above 30-day average volume.

Bitcoin volume printed $332 million on Monday, 24% above 30-day average volume. Ether volume came in at $235 million, 145%above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $5,925 and average position size for ether at 2,202.

Volatility continues to hold down near yearly lows. We’re looking at average daily ranges in bitcoin and ether of $1,265 and $112 respectively.

This latest price action in crypto markets has been a welcome relief. Not only have we seen bitcoin and ether break higher through some important short-term consolidation resistance levels, we’ve also seen these upside breaks accompanied by rising volume.

For the first time in days, we’re seeing volume shoot back up well above 30-day average volume. This suggests market participants are finally dipping back into the market and are looking to build back into long exposure.

Ether has actually been the prime beneficiary of this turnaround, with the relative outperformance being attributed to the stabilization in US equities. With risk appetite returning a bit, so too has demand for the more risk correlated ether.

Technically speaking, we would however like to see bitcoin building a little more topside momentum to convince us that this rally has more bite to it. We highlight $23,000 as the key level to watch above and would be looking for bitcoin to close out a day above $23,000 to make us more comfortable with the idea of a bullish structural shift.