Cryptocurrency Market Sees Uptick in Layer 2 TVL as Bitcoin Whales Unload Billions

Cryptocurrency Market Update

The cryptocurrency market is buzzing with activity as the total value locked (TVL) on Layer 2 (L2) solutions has seen a slight uptick. According to L2 Beat, the current TVL stands at $9.96 billion, up from $9.85 billion yesterday.

Among the top L2 networks, Arbitrum leads with a TVL of $3.04 billion, marking a 1.09% increase from the previous day. Blast follows with $2.14 billion, up by 1.57%. Base has a TVL of $1.68 billion, showing a 1.51% rise. Optimism's TVL is $745.67 million, reflecting a 1.18% increase, while Linea's TVL stands at $698.43 million, up by 1.79%.

Bitcoin (BTC) is currently priced at $66,627, a slight increase from yesterday's $66,196. Ethereum (ETH) also saw a price rise, currently at $3,618 compared to $3,567 yesterday.

In the realm of fundraising, no new rounds were reported today due to the weekend. However, the cumulative fundraising over the current week has reached $112.80 million. Notably, crypto startup funding has eclipsed the $100 billion mark, a milestone achieved in just 10 years, with most of the funds raised since the COVID-19 pandemic.

In recent news, President Bukele of El Salvador has proposed the establishment of a Bitcoin bank as part of his economic plan, just two weeks into his second term. This development was revealed in a post by the US ambassador on the social media platform X.

Apple's latest WWDC event introduced the new iPad Pro, which leverages Render Network's decentralized GPU power through OctaneX, putting Render (RNDR) in the AI crypto spotlight. This move is expected to revolutionize digital content creation.

Meanwhile, a Bloomberg ETF expert forecasts the launch of Ethereum ETFs in the US by July 2nd. Senior ETF analyst Eric Balchunas shared on X that ETH-based ETFs might receive approval soon after findings from the U.S. Securities and Exchange Commission (SEC).

On the Bitcoin front, crypto whales have unloaded $3.3 billion worth of BTC in just 10 days, according to on-chain analyst Ali Martinez. This significant sell-off involves more than 50,000 BTC, as reported to Martinez's 64,200 followers on X.