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

Feb 27, 2023
Author
Sean Farrell
Sean Farrell AC
Market Update Equities are rising this Monday afternoon following their worst week of the year. The $SPX 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 (+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. Source: Fundstrat. GlassnodeIn addition to the Shanghai-related tailwinds that have persisted from the start of the year, Lido may be outperforming due in large part to a massive inflow over the weekend into the Lido staking protocol from none other than Tron founder Justin Sun. Over 150k

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