LMAX Digital volumes were up across the board on Wednesday after a slow start to the week. Total notional volume for Wednesday came in at $680 million, 37% above 30-day average volume.

Bitcoin volume printed $294 million on Wednesday, 19% above 30-day average volume. Ether volume came in at $144 million, 44% above 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $9,565 and average position size for ether at $1,757.

Bitcoin volatility has been cooling off peak levels, while ETH volatility has been more contained. We’re looking at average daily ranges in bitcoin and ether of $4,189 and $150 respectively.

The Fed decision has come and gone. On balance, the market has welcomed the central bank’s communication –  one which has leaned more towards the accommodative, investor friendly side of policy.

Indeed, the Fed left rates on hold. But the base case talk of transitory inflation, and plan to slow the balance sheet runoff were the two major dovish leaning takeaways.

As we’ve highlighted in recent updates, crypto assets are more sensitive to the direction in stocks right now, and the improved risk appetite in the aftermath of the Fed decision has trickled over into crypto.

At the same time, as per our technical insights today, the bounce in bitcoin has taken the price back into the middle of a range that leaves us no closer to having any good feel for the next big move.

We are encouraged by the push in the price of ETH back above $2,000, but would like to see this hold up into the weekly close for reassurance.