Arbitrum Announces Airdrop, Cathie Wood Raises Private Crypto Funds

Both traditional and crypto markets are rallying today as fears of systemic banking collapses have dissipated slightly. The SPY 0.09%  (+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.