LMAX Digital volumes were lighter on Wednesday. Total notional volume for Wednesday came in at $417 million, 32% below 30-day average volume.

Bitcoin volume printed $217 million on Wednesday, 31% below 30-day average volume. Ether volume came in at $53 million, 30% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $11,350 and average position size for ether at $2,743.

Market volatility has cooled off since peaking out the other week. We’re looking at average daily ranges in bitcoin and ether of $4,111 and $181 respectively.

Crypto assets have been in rally mode over the past 24 hours, with a lot of the boost attributed to FOMC decision reaction. In the end, we would say there were two catalysts from the Fed decision that have been responsible for the demand.

The first catalyst was more macro in nature. This came from the Fed Chair’s comment that rates remained meaningfully above the neutral rate, suggesting more rate cuts could be in the pipeline.

The comment opened up a round of downside pressure on the Dollar, which carried over to demand into currencies and cryptocurrencies as yield differentials moved out of the Buck’s favor.

The second catalyst was more crypto specific and perhaps even more noteworthy. In the presser, the Fed Chair commented on crypto specifically, saying US banks were fully equipped to accommodate cryptocurrency clientele.

Moving on, the crypto market has also been getting a nice amount of positive momentum from Trump support. On Wednesday, Trump Media and Technology Group launched Truth.Fi, with the goal of investing $250 million in bitcoin and other crypto assets.

Another story of interest comes out of the Czech central bank, where the governor has announced his intention to submit a plan to allocate as much as 5% of the bank’s $146 billion reserves to bitcoin. Governor Michl cited growing institutional demand and crypto friendly Trump policies as the critical factors behind the decision.