Cryptocurrency Market Update: L2 Networks Drop in TVL as Bitcoin ETFs Surge in Inflows
The cryptocurrency market is currently experiencing notable fluctuations, particularly in the realm of Layer 2 (L2) networks. As of today, the total value locked (TVL) across L2 Beat stands at $9.64 billion, down from $10.04 billion yesterday. This decline reflects a broader trend among the top L2 networks.
Among the leading L2 networks, Base holds a TVL of $3.29 billion, experiencing a decrease of 3.20% from the previous day. Arbitrum follows closely with a TVL of $2.98 billion, down by 4.90%. Optimism shows a TVL of $734.66 million, down 4.57%, while Blast has a TVL of $591.53 million, down 3.38%. Lastly, Mantle reports a TVL of $568.54 million, marking a significant drop of 6.31%.
In the broader market, Bitcoin's price has risen slightly to $93,298, up from $92,977 yesterday. However, Ethereum has seen a decline, currently priced at $3,352, down from $3,419.
On the fundraising front, the cryptocurrency sector has seen a total of $35 million raised today. The most significant round comes from World Liberty Financial, which secured $30 million, backed by Justin Sun’s investment. Other notable rounds include OpenTrade with $4 million and Kernel at $1 million. Cumulatively, the week has seen $48.36 million in fundraising.
In market dynamics, Bitcoin ETFs have recorded a historic surge, with net inflows reaching $3.12 billion last week, as reported by CoinShares. This influx has propelled the year-to-date total to an impressive $37 billion, largely driven by Bitcoin ETFs.
In other news, Sui is set to launch Bitcoin staking in December, allowing BTC holders to stake their assets on the Babylon layer 2. Meanwhile, Avalanche has rolled out its largest upgrade, Avalanche9000, on its testnet, aimed at reducing transaction costs and enhancing app development.
Furthermore, Greece is advancing its tech ambitions by breaking ground on a new data center, in collaboration with the French firm Data4, to position itself as a strategic hub for technology and AI.
