In this week’s episode, the team focuses on the highly anticipated Shapella upgrade and its potential impact on Ethereum. The team discusses the bull and bear case for ETH post-upgrade, including the withdrawal queue and the potential for ETH sales.

Moving on to Bitcoin, the team analyzes the continued strength of BTC and its implications for BTC miners. They also share their insights on which sectors have outperformed in Q1.

In the macro update, David shares his thoughts on various macroeconomic factors such as non-farm payrolls, de-dollarization, and money market funds versus reverse repo.

The team also covers CEX and DEX flows, providing listeners with valuable insights on the current trends in the market. Additionally, the episode features an update on Defi, including the latest developments such as Euler funds being returned, Arbitrum’s controversial proposal, and a ZK update.