ETH Beta Receives a Boost, SOL Recovers from Bug

Name: FS Insight
Price range: $$$

Feb 7, 2024

Author

Sean Farrell ^AC

ARB -11.59% BTC 0.82% ETH 1.36% LDO 11.60% OP 0.46% SNX 7.62%

Market Update Equity indices continue to march higher, with the QQQ registering a near 1% gain on the day and the SPX following closely behind, up approximately 75 bps. It's a broad rally with all sectors in the green for the day, but technology is outperforming, up over 1%. Rates started the day lower, but the longer end of the curve is now marching higher, likely due to a major 10-year auction today. Meanwhile, the DXY is generally flat on the day, as is gold. Cryptoassets appear in tune with tech stocks, as $BTC inches higher toward $43.5K and $ETH rallies back above $2,400. ETH beta names are performing particularly well, with $LDO, $SNX, $OP, and $ARB all outperforming the broader market. This is likely on the back of ARK filing an amended S-1 for its spot ETH ETF, reflecting similar structural changes that we saw amidst the BTC filing process, as well as the successful implementation of the Dencun upgrade on the final testnet this morning.The Ethereum network has progressed with the deployment of the Dencun upgrade on the Holesky test network, marking the final test phase before its anticipated mainnet launch in March, featuring proto-danksharding via EIP-4844. Activated on Holesky early today and quickly achieving finality, this development follows its implementation on t

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