Arbitrum Announces Airdrop, Cathie Wood Raises Private Crypto Funds

Market Update Both traditional and crypto markets are rallying today as fears of systemic banking collapses have dissipated slightly. The $SPY (+1.52%) and $QQQ (+2.22%) are showing impressive gains, with higher growth names outperforming, as expectations for higher for longer rates are declining in light of recent financial turmoil. $BTC (+1.49%) continues to show relative strength, with $BTC.D reaching 45.71%, while ETH/BTC is approaching November 2022 lows. Layer-2 network Arbitrum has announced its token airdrop (more below) and has sparked a rally in the ecosystem’s alt-coins. Tokens such as $GRAIL, $JONES, and $RDNT have rallied 41%, 44%, and 22% over the last 24 hours. It will be interesting to watch if airdropping ecosystem participants tokens will drive increased inflows into smaller projects.  At long last, Arbitrum Foundation, the company behind the layer-2 network Arbitrum, has announced an airdrop of its new ecosystem token, $ARB. Tokens will be available for claiming a week from today, on March 23rd, marking the formal transition of Arbitrum into a self-executed DAO. Holders of the Arbitrum token can vote on key governance decisions, including potential technology upgrades and how chain revenue should be used. The total token supply for ARB will be 10 billion t