ETH Deposits Exceed Withdrawals, GALA Breaking Out

Despite the VIX reaching its lowest point since January 2022 and the DXY moving lower, the NDQ and SPX traded flat on the day, reflecting a market on unsure footing following a morning of resilient earnings reports. In contrast, the overall crypto market is trading up 1.8% as both BTC and ETH strongly rebound from yesterday’s pullback. Arbitrum (ARB) continues its impressive run, climbing another 5% today. GALA is outperforming following an announcement that Gala Games will airdrop v2 tokens to users on May 15, upgrading smart contracts and introducing burn mechanisms for enhanced security and potential value increase. Notably, staked ETH deposits have surpassed withdrawals less than a week following the Shapella upgrade, confirming that the upgrade should be viewed as a de-risking event for the network rather than a supply-driven headwind for investors.