We explore why bitcoin has outperformed ether and many altcoins recently in the context of the current macro environment and the most likely path for the Federal Reserve. Meanwhile, our institutional team discusses the implications for markets from recent regulatory actions. Plus, the long-anticipated ARB airdrop has brought a lot of excitement to the Arbitrum (layer-2) ecosystem, but how should users think about its value going forward? Finally, on DeFi, we saw the launch of zkSync Era to general users and Polygon’s zkEVM mainnet beta go live with both networks seeing an increase in transactions. Tune in for an in-depth analysis on all of this and more and their potential impact on institutional investors.