Layer 2 Networks Surge to $8.79 Billion TVL: Bitcoin ETF Inflows and Crypto Market Trends

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— 2 min read
Layer 2 Networks Surge to $8.79 Billion TVL: Bitcoin ETF Inflows and Crypto Market Trends

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The cryptocurrency market is currently experiencing notable shifts, with the Total Value Locked (TVL) on Layer 2 networks showing a significant increase. As of today, the TVL stands at $8.79 billion, up from $8.12 billion yesterday, indicating a growing interest in these scalable solutions.

Top Layer 2 Networks

  • Base: Current TVL is $2.50 billion, reflecting an increase of 8.94% since yesterday.
  • Arbitrum: Current TVL is $2.42 billion, with a rise of 7.16%.
  • Scroll: Current TVL is $914.85 million, marking a significant jump of 14.09%.
  • Optimism: Current TVL is $685.98 million, up by 2.83%.
  • Blast: Current TVL is $671.25 million, increasing by 7.07%.

Market Prices

In the broader market, Bitcoin (BTC) is currently priced at $65,991, down slightly from $66,108 yesterday. Ethereum (ETH) is trading at $2,574, a decrease from $2,629 the previous day.

Fundraising Activities

Today's fundraising efforts have totaled $13 million, with the largest rounds being:

  • Solv Protocol: $11 million
  • Flappy Bird: $2 million

This week, cumulative fundraising has reached $268 million, showcasing a robust environment for crypto projects.

Industry Insights

Anthony Pompliano has predicted that Tesla's advancements in automation technology will likely drive stablecoin adoption. He stated, "People don't want to spend their Bitcoin," suggesting that Bitcoin will serve as a store of value while stablecoins will facilitate everyday transactions. This shift could lead to increased usage of stablecoins as transaction methods become cheaper and faster.

Additionally, a recent report from Nansen highlights a $3.2 billion market for AI services, indicating that sectors like DePIN and NodeFi may emerge as profitable avenues within decentralized finance.

In a strategic move, Gate.io has partnered with Onramper to streamline fiat-to-crypto swaps, enhancing user experience in crypto purchases globally.

Investor interest remains strong, as evidenced by the $555 million net inflow into US Spot Bitcoin ETFs, coinciding with Bitcoin's surge past $66,000. This reflects a rebound in demand from institutional investors.

BlackRock's CEO Larry Fink has also recognized Bitcoin as an independent asset class, further promoting its institutional adoption and leading the charge for a $23 billion Bitcoin ETF.

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