Lido Inflows Top 150k ETH, Technicals Suggest ETH/BTC Strength

Feb 27, 2023

Equities are rising this Monday afternoon following their worst week of the year. The ^SPX 0.22%  and NDQ are trading 0.4% and 0.7% higher, respectively. Interestingly, the US 2Y yield pushed higher in the early morning hours to reach its highest level in over 15 years but has since retreated to below 4.8%. The crypto market rallied following the local peak in rates this morning but has since retraced some of those gains. The majors remain higher compared to 24 hours prior, with ETH (+2.0%) showing relative strength compared to BTC (+0.7%) for the first time in a while. Among the top large-cap performers are LDO (+5.5%), which appears to be benefitting from a significant increase in TVL over the weekend (more on that below), and STX -4.46%  (+20.8%), the native token for Stacks. Stacks is the bitcoin sidechain has garnered considerable attention lately due to an impending upgrade that should lower its current glacial block time and perhaps attract developers/users to bitcoin-native DeFi.

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