LMAX Digital volumes pulled back on Tuesday. Total notional volume for Tuesday came in at $389 million, 10% below 30-day average volume.

Bitcoin volume printed $264 million on Tuesday, 3% above 30-day average volume. Ether volume printed $78 million, 34% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $7,678 and average position size for ether at 2,939.

Volatility has been trending lower in correction mode after peaking out at a yearly high in March. We’re looking at average daily ranges in bitcoin and ether of $1,050 and $73 respectively.

As we’ve already highlighted a number of times in recent weeks, things have become more interesting in crypto markets as they relate to global markets.

There had been an extended period of time where stocks heading lower meant crypto heading lower. And yet, in recent weeks, we’ve been getting glimpses of a disconnect from this correlation.

The primary catalyst has been the shakeup in the traditional banking sector and all of the positive spotlight it has put on cryptocurrencies as an attractive alternative.

And yet, in recent sessions, there have been other factors contributing to the relative outperformance in cryptocurrencies like bitcoin and ether.

These include yield differentials moving out the US Dollar’s favor as the market prices a less aggressive Fed policy track, and all of the worry around the US debt ceiling.

Looking ahead, all eyes will unquestionably be on today’s Fed decision. The central bank is widely expected to deliver a 25 basis point rate hike, and it will really come down to the accompanying communication to see how the market wants to respond.

Anything that leans more hawkish, will likely invite some downside pressure in crypto assets, as yield differentials swing back to the US Dollar. Anything that leans more dovish could very well inspire another wave of demand for bitcoin and ether.