Layer 2 Networks Surge to $8.07B Amid Bitcoin ETF Launch and Fundraising Boom
The cryptocurrency market is currently experiencing notable activity, particularly in the Layer 2 (L2) sector. The total value locked (TVL) in L2 networks has risen to $8.07 billion, up from $7.87 billion yesterday. This uptick reflects ongoing interest and investment in these networks.
Among the top five L2 networks, Base leads with a TVL of $3.50 billion, although it has seen a slight decrease of 3.53% from the previous day. Arbitrum follows closely with a TVL of $3.00 billion, down 1.81%. Mantle holds $454.67 million (down 2.66%), while Blast and Linea have TVLs of $327.86 million (down 2.05%) and $277.02 million (down 3.01%), respectively.
In the broader market, Bitcoin (BTC) is trading at $105,232, up from $103,910 yesterday. Meanwhile, Ethereum (ETH) has also seen a price increase, currently at $3,256, compared to $3,120 the prior day.
Today’s fundraising efforts in the crypto space have totaled $43.22 million. The largest rounds include D3 with $25 million, Cryptio at $15 million, and Mevvy raising $2.8 million. Cumulatively, the week has seen $220.48 million in fundraising.
In recent news, Grayscale has launched a new Bitcoin Miners ETF, allowing investors to gain exposure to companies involved in Bitcoin mining. This move aims to enhance the investment landscape around Bitcoin and its ecosystem.
Meanwhile, the Czech National Bank is preparing to vote on a $7 billion Bitcoin reserve proposal. However, Finance Minister Stanjura has raised concerns regarding Bitcoin's volatility, indicating a cautious approach to this potential investment.
In Central America, El Salvador has made adjustments to its Bitcoin policy. The recent legislative amendment allows for voluntary acceptance of Bitcoin, rather than making it mandatory, while maintaining its legal tender status.
On the corporate front, Tesla has reported that its Bitcoin holdings have significantly boosted its Q4 earnings by $600 million, thanks to new accounting rules from FASB. This development showcases the growing impact of Bitcoin on traditional financial metrics.
Lastly, Trump Media has partnered with Charles Schwab to launch a new crypto venture named Truth.Fi, signaling a push into decentralized finance (DeFi) and the broader crypto ecosystem.
