Crypto Market Update: TVL Dips, Bitcoin ETF Investments Surge, Solana Shines

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Aug 7, 2024 — 1 min read

Crypto Market Update

The cryptocurrency market continues to show dynamic movements, with the Total Value Locked (TVL) on Layer-2 (L2) networks experiencing a slight dip. Currently, the TVL stands at $7.70 billion, down from $7.79 billion yesterday.

Top-5 L2 Networks' TVL

Arbitrum: $2.59B, down 0.19% from yesterday
Base: $1.35B, down 0.13% from yesterday
Blast: $837.38M, down 1.99% from yesterday
Scroll: $600.29M, down 0.98% from yesterday
Optimism: $572.28M, down 0.80% from yesterday

Bitcoin (BTC) is currently priced at $56,068, a slight increase from yesterday's $56,051. Ethereum (ETH) has seen a minor decline, with its current price at $2,412, down from $2,454 yesterday.

Fundraising Activity

Today's fundraising activity has amounted to $8.20M, with the biggest rounds being:

Curio Research: $5.70M
Khalani Network: $2.50M

The cumulative fundraising over the current week stands at $39.70M.

News Highlights

Solana has reached an all-time high against Ether and has outperformed Bitcoin in the recent crypto rebound. According to a K33 Research analyst, Solana and its ecosystem tokens appear attractive compared to other altcoins and are a 'clear option if looking for longs' after the market turmoil.

Metaplanet is raising $68 million, with nearly $59 million of the funds earmarked for adding more Bitcoin to the company's treasury.

A British hedge fund, Capula Management, has invested over $464.3 million in two Bitcoin ETFs, according to a U.S. SEC filing. This substantial investment highlights the growing institutional interest in Bitcoin.

Ethena Labs has integrated with Solana, aiming to deploy USDe on its blockchain and include SOL as a backing asset for USDe. This move is expected to expand access to USDe and bolster Solana's ecosystem.

In other news, WiFi provider Andrena has raised $18 million to offer decentralized broadband services, further showcasing the diverse applications of blockchain technology.

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