Crypto Market Update: L2 Networks TVL Dips to $8.80B, Bitcoin Sees ETF Inflows Amid Regulatory Moves
The cryptocurrency market is currently experiencing a slight dip in total value locked (TVL) across layer-2 (L2) networks. The total TVL on L2 Beat is now at $8.80 billion, down from $8.85 billion yesterday.
Among the top five L2 networks, Arbitrum leads with a TVL of $2.56 billion, reflecting a decrease of 1.71% from the previous day. Following closely is Base with a TVL of $2.19 billion, marking a slight increase of 0.47%. Scroll and Blast are also in the mix, with TVLs of $777.66 million and $772.76 million, respectively, both showing minor declines of 0.34% and 0.88%. Finally, Optimism holds a TVL of $696.13 million, down 0.23%.
In the broader market, Bitcoin (BTC) is currently priced at $65,777, a slight drop from $65,846 yesterday. Ethereum (ETH) is trading at $2,667, down from $2,673 the previous day. Despite these minor fluctuations, Bitcoin is eyeing an impressive 11% monthly gain, with potential for its best September performance in history if support levels hold through the month’s end.
This week has seen significant inflows into U.S. Bitcoin exchange-traded funds (ETFs), which raked in $1.1 billion, the highest since mid-July. Major players like BlackRock, ARK 21Shares, and Fidelity led the charge, attracting $499 million, $289.5 million, and $206.1 million in inflows, respectively.
In regulatory news, Tether has partnered with the Department of Justice (DOJ) to freeze over $6 million in proceeds from a crypto scam, catching fraudsters off guard. This move underscores the ongoing efforts to enhance security and trust in the crypto space.
Additionally, China has made headlines by injecting $113 billion in liquidity into its markets, allowing institutional investors to utilize central bank financing for stock purchases. This initiative aims to stabilize the market, which may have ripple effects on global crypto sentiment.
As the week wraps up, cumulative fundraising in the crypto sector stands at $234.38 million, with no significant rounds reported today due to the weekend.
Amid these developments, the concept of Decentralized Physical Infrastructure Networks (DePIN) continues to gain traction, presenting a potential solution to some of tech's pressing issues, blending blockchain with real-world applications.
