Crypto Market Sees TVL Surge, Bitcoin Dips, and Ethereum ETFs Drive Inflows
The cryptocurrency market is currently experiencing notable fluctuations and developments. The total value locked (TVL) on L2 Beat has increased from $9.89 billion yesterday to $10.02 billion today.
Among the top-5 Layer 2 networks, Arbitrum leads with a TVL of $3.24 billion, a slight increase of 1.27% from yesterday. Base follows with $1.72 billion, marking a 1.22% rise. Blast has a TVL of $1.22 billion, up by 1.32%. Scroll's TVL stands at $775.45 million, reflecting a 0.77% increase. Optimism, however, saw a notable rise of 2.70%, bringing its TVL to $741.90 million.
Bitcoin's price has shown a minor dip, currently at $68,144 compared to $68,208 yesterday. Ethereum, on the other hand, has seen a slight uptick, now trading at $3,308 up from $3,272.
Despite it being the weekend with no new fundraising activities today, cumulative fundraising over the current week stands at $129K.
In the news, Bitcoin's price recently surged past $69,000 driven by optimism from recent comments by former President Trump and the Federal Reserve. A critical Federal Reserve meeting this week could further influence Bitcoin's price trajectory.
Fundstrat’s Tom Lee suggests that potential rate cuts by the Federal Reserve could push Bitcoin's price to $100,000 or higher, especially following the resolution of the Mt. Gox issue. He shared these insights in a recent interview with Skyridge Capital CEO Anthony Scaramucci on the Wealthion podcast.
Additionally, the SEC has approved the Grayscale Bitcoin Mini Trust to trade on NYSE Arca. GBTC holders will see part of their holdings converted to the new fund, which is not expected to trigger a taxable event.
Fractal has completed its testing phase reset, granting access to core functionalities for a select group of developers, as reported by Metaverse Post.
The launch of Ethereum ETFs has driven significant inflows, with CoinShares reporting $2.2 billion in inflows, counterbalancing Grayscale’s $285 million net outflows.
