Hi Bitcoin Builders,
The Bitcoin Layers thesis is taking shape. According to Bitcoin Layers, there are over 40,000 BTC locked on various Bitcoin layers. At current price levels, this is over $3.5 billion trusted in Bitcoin Layers.
For context, in March of 2024, there were about 7,500 BTC locked on Bitcoin Layers. This represents a 5x increase in less than a year.
The Bitcoin Layers website shares the breakdown of BTC allocated to each Bitcoin Layer.
While there has been a substantial increase in BTC locked, this is a drop in the bucket of the total Bitcoin market capitalization (around $1.7 trillion).
News
Thesis crosses 5k tBTC supply.
Citrea announces winners from its hackathon with projects focused on Nostr, DeFi, and privacy.
Coinbase’s tokenized Bitcoin, cbBTC, reaches $1B Market Cap in 57 Days.
Rootstock announces Rootstock Swaps. It’s a Rootstock to Lightning bridge.
Portal Ventures, which has historically invested in Bitcoin companies, raises a $75M fund.
BitcoinFi Weekly recaps OP_NEXT. The post summarizes Peter Todds’ definition of a Bitcoin Layer 2: “A genuine Layer 2 must contain conglomerated transactions with reactive security, enabling unilateral withdrawals without counterparty trust.”
Other
Bitcoin reaches another all-time high in US dollar terms.
Matt Huang writes Bitcoin for the Sovereign, a short essay on the race to build BTC reserves.
Publicly traded AI firm Genius Group adopts Bitcoin as primary treasury asset.
Solidion Technology, a publicly traded company, announces a strategic Bitcoin allocation.
Pennsylvania introduces a bill to create a Bitcoin Strategic Reserve for the state.