Bitcoin and Layer 2 Solutions Surge: $10B TVL, Strong Institutional Interest, and Record ETF Inflows
The cryptocurrency market is currently witnessing significant movements, particularly in the realm of Layer 2 solutions and Bitcoin. As of now, the total value locked (TVL) on L2 Beat stands at $10.04 billion, a notable increase from $9.75 billion yesterday.
Among the top five Layer 2 networks, the TVL figures are as follows:
- Base: Current: $3.40 billion, Yesterday: 3.41%
- Arbitrum: Current: $3.13 billion, Yesterday: 2.78%
- Optimism: Current: $769.85 million, Yesterday: 0.44%
- Mantle: Current: $612.24 million, Yesterday: 3.15%
- Blast: Current: $606.85 million, Yesterday: 3.50%
In the broader market, Bitcoin (BTC) is currently priced at $95,910, down from $97,805 yesterday. Meanwhile, Ethereum (ETH) has seen a slight increase, currently trading at $3,418, up from $3,362 the previous day.
Institutional interest in Bitcoin remains strong. MicroStrategy recently acquired 55,000 BTC for $5.4 billion, raising its total holdings to 386,700 BTC. This purchase highlights the bullish sentiment among institutional investors.
Additionally, Bitcoin ETFs have hit a new record, with over $3.1 billion in weekly inflows. According to CoinShares data, spot Bitcoin ETFs recorded $3.12 billion in inflows from November 18 to 22, indicating a robust appetite for Bitcoin among investors.
In another development, Cantor Fitzgerald is planning a $2 billion Bitcoin lending program via Tether, further solidifying its commitment to the cryptocurrency space as its chief prepares for a new role as Commerce Secretary.
On the regulatory and innovative front, El Salvador's President Nayib Bukele suggested a novel idea of renting out volcanoes for Bitcoin mining, which follows the country's successful geothermal-powered mining initiative.
As for fundraising activities, there were no significant rounds reported today due to the weekend, but cumulative fundraising for the current week has reached $4.00 million.
