LMAX Digital volume cooled off on Tuesday after a healthy start to the week. Total notional volume for Tuesday came in at $477 million, 7% below 30-day average volume.

Bitcoin volume printed $295 million on Tuesday, 1% above 30-day average volume. Ether volume volume took a dive, coming in at just $111 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 $12,268 and average position size for ether at 6,947.

Volatility however continues to trend lower in 2022. We’re now looking at average daily ranges in bitcoin and ether of $1,534 and $134 respectively.

Though we haven’t seen much in the way of major movement, with bitcoin and ether both still very much confined to consolidations, there have been some interesting stories further highlighting institutional adoption in the space.

New York based asset management firm VanEck came out announcing the launch of an NFT collection. The NFTs will act as access passes to VanEck events, research, and other exclusive benefits.

Meanwhile, Jane Street Capital, well regarded as one of the largest global market makers, has announced it has initiated a move into defi through a borrowing from Clearpool’s permissioned liquidity pool.

As far as today goes, most of the focus will be on the Fed policy decision. The market is widely expecting a 50 basis point rate hike from the Federal Reserve. This could set up a ‘buy crypto on the fact’ type reaction, with most of the Fed hawkishness already priced in.