Arthur Hayes says most L1s outside Ethereum and Solana are headed to zero

Bitmine Immersion has significantly extended its Ethereum staking activities, locking away a substantial amount of ETH as the cryptocurrency's price begins to recover. This move reflects a growing trend among institutions to engage in ETH staking, showcasing increased confidence in Ethereum as a viable investment strategy.

Ethereum's outlook has improved significantly, with Standard Chartered indicating that rising institutional demand and stronger fundamentals may allow ETH to outperform Bitcoin in the near future. This shift comes after a period of skepticism and underperformance for Ethereum, which is now showing signs of renewed strength.

Bitcoin (BTC) has surged past the $96,000 mark this week, driven by significant inflows into U.S. spot Bitcoin exchange-traded funds (ETFs) and a favorable U.S. Consumer Price Index (CPI) report, which alleviated inflation concerns. This price movement marks the end of a prolonged consolidation phase, leading to a wave of bearish liquidations as short sellers exited their positions.

Bitwise has officially listed Bitcoin, Ether, and Solana exchange-traded products (ETPs) on Nasdaq Stockholm, providing local investors with regulated access to these cryptocurrencies through spot and staking-based products. This move marks a significant expansion of Bitwise's presence in the European market.

Bitnomial has launched the first-ever U.S.-regulated futures market for Aptos, a significant milestone that could enhance institutional adoption of blockchain technology and pave the way for future cryptocurrency exchange-traded funds (ETFs). This launch marks a critical development in the evolving landscape of cryptocurrency trading in the United States.

The U.S. Securities and Exchange Commission (SEC) has concluded its investigation into the Zcash Foundation, which was initiated in 2023 following a subpoena regarding certain crypto asset offerings. This decision marks the end of scrutiny for the privacy-focused cryptocurrency, Zcash.

Shiba Inu Coin (SHIB) has seen a notable price increase, currently trading at $0.00000885, approximately 30% above its December lows, indicating a potential recovery for the popular meme cryptocurrency.

Bitcoin's price has surged past $97,000, reaching $97.3K, which has contributed to an increase in the overall cryptocurrency market cap to $3.34 trillion. This rally is accompanied by Polymarket odds indicating a 72% chance of Bitcoin hitting the $100,000 mark within the month.