Layer 2 Networks Surge to $9.70 Billion TVL as Bitcoin ETF Hopes Rise Amid Market Activity
The cryptocurrency market is experiencing notable activity as the total value locked (TVL) on Layer 2 networks has risen to $9.70 billion, up from $9.47 billion yesterday. This increase reflects growing interest and investment in decentralized solutions.
Among the top Layer 2 networks, Base leads with a TVL of $3.26 billion, showing a healthy increase of 4.65%. Arbitrum follows closely with $2.87 billion, marking a 2.20% rise. Optimism, Mantle, and Blast round out the top five, with respective TVLs of $737.76 million, $627.70 million, and $603.04 million. Notably, Blast experienced a decline of 1.89%.
In the broader market, Bitcoin's price currently sits at $91,006, down slightly from $91,070 yesterday. In contrast, Ethereum has seen a positive shift, now priced at $3,168, up from $3,099.
Today, there has been no reported fundraising activity due to the weekend, but the cumulative fundraising for the current week stands at $379.65 million, indicating ongoing investor interest.
Recent news adds to the dynamic landscape. A top Federal Reserve official has softened his stance on Bitcoin and crypto, hinting at a potential $3 trillion price boom. This shift in perspective could influence market sentiment significantly.
Additionally, investment giant Franklin Templeton has expanded its on-chain money market fund to Ethereum, launching the Franklin OnChain U.S. Government Money Fund (FOBXX). This move signifies a growing institutional interest in Ethereum's capabilities.
In the realm of Bitcoin, analysts are debating whether the current price around $90,000 signals a breakout or a potential black swan event, especially as Bitcoin has yet to match its macro asset records from 2021.
Furthermore, the approval process for Bitcoin ETF options is progressing, with the CFTC clearing the way. ETF analyst Eric Balchunas notes that the ball is now with the Options Clearing Corporation, suggesting that spot Bitcoin ETF options could list soon.
On the regulatory front, Greenidge Generation has won a legal battle to keep its crypto mining facility operational in New York, highlighting the complex challenges and shifts within the industry.
