Bitcoin L2s Are a Mirage — The On-Chain Data Says So
I didn’t short Bitcoin L2s. I just refused to buy the hype. It’s March 2025....
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Fear
Market Sentiment
Team and early investor shares released
Improves data availability sampling efficiency
Block reward reduced to 3.125 BTC
Block reward halving event
Independent validator client goes live on mainnet
Circulating supply increases by about 2%
Raises validator limit and account abstraction
92 million ARB released
Bitcoin Season
| # | Coin | Price |
|---|---|---|
| 1 |
Bitcoin
BTC
|
$64,699.6 |
| 1 |
Ethereum
ETH
|
$1,867.04 |
| 1 |
Solana
SOL
|
$75.92 |
| 1 |
BNB Chain
BNB
|
$569 |
| 1 |
XRP Ledger
XRP
|
$1.1 |
| 1 |
Dogecoin
DOGE
|
$0.0723 |
| 1 |
Cardano
ADA
|
$0.1661 |
| 1 |
Avalanche
AVAX
|
$6.58 |
| 1 |
Polkadot
DOT
|
$0.8362 |
| 1 |
Chainlink
LINK
|
$8.35 |