Bitcoin traded in a tight range around $46,000 on Tuesday. Some traders prefer to remain on the sideline until the U.S. Federal Reserve concludes its two-day monetary policy meeting on Wednesday, which could be a source of market volatility.

Despite relative calm in crypto markets, equities traded lower as the CBOE Volatility Index (VIX) remained elevated around the 20 level. It appears that investors are in no rush to increase their risk exposure ahead of any Fed announcement out of the meeting.

Also, economic headwinds continue to linger. “The failure of inflation to recede as anticipated will put central banks in a more aggressive tightening stance, causing a sharply negative reaction in financial markets and most likely a significant economic recession,” Deutsche Bank warned in a Tuesday report.

In crypto, there are also signs of caution. “In the last week, the stablecoin dominance also increased by 0.64%, indicating a flight to safety in the crypto markets,” Arcane Research wrote in a report.

Bitcoin is starting to outperform the CoinDesk 20 index, which filters some of the largest cryptocurrencies by market capitalization. Altcoins have continued to struggle after the sell-off earlier this month, which could reflect a lower appetite for risk among investors.

Still, there has been one bright spot in the CoinDesk 20 this month. Polygon’s MATIC token has outperformed its peers since the crypto exchange-traded product (ETP) issuer 21Shares announced it was listing a product linked to the cryptocurrency’s performance on Euronext exchanges in Paris and Amsterdam.

Most digital assets in the CoinDesk 20 ended the day higher.

Notable winners as of 21:00 UTC (4:00 p.m. ET):

Notable losers: