With a knife, cut off the woody part of asparagus stem, that is white and tough. Cut rest of asparagus into equal lengths pieces.
Place the steamer basket into the Instant Pot and pour the water.
Place the asparagus onto the steamer basket.
Sprinkle the asparagus with olive oil and onion powder.
Lock lid into place and set on the STEAMING setting for 3 minutes.
When the timer beeps, press “Cancel” and carefully flip the Quick Re-lease valve to let the pressure out.
Open the lid and adjust salt and pepper.
Let cool for 10 minutes and serve. Keep refrigerated