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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I didn’t short Bitcoin L2s. I just refused to buy the hype. It’s March 2025....
Fear
Market Sentiment
Block reward reduced to 3.125 BTC
92 million ARB released
Block reward halving event
Circulating supply increases by about 2%
Independent validator client goes live on mainnet
Raises validator limit and account abstraction
Improves data availability sampling efficiency
Team and early investor shares released
Bitcoin Season
| # | Coin | Price |
|---|---|---|
| 1 |
Bitcoin
BTC
|
$64,459.4 |
| 1 |
Ethereum
ETH
|
$1,877.41 |
| 1 |
Solana
SOL
|
$74.83 |
| 1 |
BNB Chain
BNB
|
$569.9 |
| 1 |
XRP Ledger
XRP
|
$1.1 |
| 1 |
Dogecoin
DOGE
|
$0.0717 |
| 1 |
Cardano
ADA
|
$0.1652 |
| 1 |
Avalanche
AVAX
|
$6.76 |
| 1 |
Polkadot
DOT
|
$0.8167 |
| 1 |
Chainlink
LINK
|
$8.39 |