Layer 2 Networks Surge with $9.56B TVL; Bitcoin ETF Faces $1.5B Outflow Amid Market Shifts
The cryptocurrency market is currently experiencing notable shifts, with the total value locked (TVL) on Layer 2 networks showing an increase. As of now, the total TVL on L2 Beat stands at $9.56 billion, up from $9.34 billion yesterday.
Among the top five Layer 2 networks, Base leads with a TVL of $3.74 billion, reflecting a daily increase of 3.12%. Following closely is Arbitrum with a TVL of $3.09 billion, which has risen by 1.85%. Optimism holds $756.53 million in TVL, marking a 2.87% increase. Blast and Mantle have TVLs of $479.70 million and $475.41 million, respectively, showing increases of 1.59% and 1.39%.
In the broader market, Bitcoin (BTC) is trading at $98,563, a slight rise from $98,501 yesterday. However, Ethereum (ETH) is currently priced at $3,487, down from $3,491 the previous day.
Today's fundraising efforts in the crypto space totaled $12 million. The largest round was secured by Trrue Chain, which raised $10 million, followed by RuneMine with $2 million. Over the past week, cumulative fundraising has reached $34.62 million.
In recent news, BlackRock's Bitcoin ETF faced a significant setback, experiencing record outflows of $1.5 billion over four trading days, peaking on Christmas Eve. This trend reflects ongoing challenges in the market.
Meanwhile, MicroStrategy is looking to issue more shares to fund its ambitious goal of acquiring $42 billion in Bitcoin, aiming to solidify its position as the largest corporate holder of the cryptocurrency.
In a move towards innovation, HIVE Digital has announced a strategic deployment of $30 million in Nvidia GPU clusters to enhance its capabilities in artificial intelligence and high-performance computing.
However, the surge in crypto mining and AI data centers has raised concerns about energy demands. The North American Electric Reliability Corporation (NERC) warns that this growth could strain local energy grids.
On the ground, El Salvador has significantly increased its daily Bitcoin purchases, raising them elevenfold over two days, as its Bitcoin reserves soar to over $574 million.
