Cryptocurrency Market Update: L2 Networks Drop, BTC and ETH Prices Fall Amid Fundraising Surge

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Feb 24, 2025 — 1 min read

The current state of the cryptocurrency market shows notable shifts, particularly in the Layer 2 (L2) networks and the prices of major cryptocurrencies. The total value locked (TVL) across L2 networks stands at $7.14 billion, down from $7.35 billion yesterday.

Top-5 L2 Networks' TVL

Base: Current: $3.20 billion, Yesterday: -2.74%
Arbitrum: Current: $2.90 billion, Yesterday: -2.10%
Mantle: Current: $279.07 million, Yesterday: -3.73%
Linea: Current: $229.53 million, Yesterday: -2.82%
Blast: Current: $196.45 million, Yesterday: -16.45%

Cryptocurrency Prices

Bitcoin (BTC) is trading at $95,111, down from $96,087 yesterday. Ethereum (ETH) is currently priced at $2,663, a drop from $2,818 in the previous day.

Recent Fundraising Activities

Today, the total fundraising in the crypto sector reached $1.00 million, with the largest round being EthicHub at $1.00 million. Cumulatively, the fundraising for this week totals $101.50 million.

Market News

In significant news, Bybit has managed to close the 'ETH gap' after replenishing a $1.4 billion hole following a hack that resulted in a loss of approximately $1.5 billion. This incident has raised concerns about security in the crypto space.

Additionally, US Bitcoin ETFs have experienced $1.14 billion in outflows over the past two weeks, the largest since their launch. This drop is attributed to ongoing US-China trade tensions and concerns regarding monetary policy, impacting overall investor sentiment.

In a significant acquisition, Michael Saylor's Strategy has bought 20,356 BTC for $1.99 billion, averaging $97,514 per coin. This move is part of its ambitious “21/21 Plan,” which aims to hold a substantial amount of Bitcoin.

On a more positive note, the SEC has dropped its investigation into Robinhood Crypto, following a similar decision regarding Coinbase. This could signal a potential shift in the regulatory landscape for cryptocurrencies.

In the tech sector, Alibaba has committed $53 billion for AI infrastructure, marking it as the largest private computing project. This investment exceeds half of the $100 billion allocated by the US for its Stargate project over the next three years.

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