The layer-2 project Blast has recently hit an impressive total value locked (TVL) milestone of $1.14 billion. This significant achievement is a testament to the platform’s growing popularity and potential for value creation in the blockchain space. However, while Blast is reaching new heights, it has also experienced a noticeable decline in the number of new depositors.

Despite this decline, Blast has exciting plans for the future, most notably a highly anticipated airdrop scheduled for 2024. Many users are eagerly depositing funds to qualify for this airdrop, showcasing the trust they have in the project’s potential. Pacman, one of Blast’s co-founders, expressed his excitement about reaching the TVL milestone and the positive impact it could have on end-users.

To further enhance its offerings, Blast has allocated $1 billion for staking on Lido, a prominent decentralized staking service. Additionally, the project has deposited $1 million with Maker to earn yields on stablecoins. While these measures showcase Blast’s commitment to maximizing value for its users, the decision to restrict withdrawals until the mainnet launch in February 2024 has drawn criticism.

Despite the criticism, over 82,000 wallets have chosen to deposit funds with Blast, indicating a significant level of confidence in the project. However, the declining number of new depositors suggests that Blast needs to address concerns and attract new users to sustain its growth.

In the broader cryptocurrency market, CryptoQuant, a leading data provider, predicts that Bitcoin (BTC) may experience a correction following the potential approval of a spot exchange-traded fund (ETF). Historically, when traders’ unrealized profits reach a certain level, corrections tend to follow. This phenomenon, known as a “sell the news” event, could see asset prices rise before the bullish event but then fall afterward.

Capriole Investments advises adopting conservative portfolio management as volatility may increase with the anticipated ETF approval. Past “sell the news” events, such as those that occurred after the listing of BTC futures in 2017 and Coinbase’s IPO in 2021, highlight the potential for price fluctuations.

Currently trading at $42,450, Bitcoin continues to demonstrate steady daily trading volume of $80 billion. However, with short-term Bitcoin holders experiencing high unrealized profit margins, caution is warranted, as this often precedes price corrections.

In other news, Celsius Network, a prominent player in the cryptocurrency lending and borrowing space, has received approval for a new bankruptcy exit plan. The revised plan focuses on creating a public company dedicated solely to Bitcoin mining, rather than managing multiple lines of business. Creditors will receive their recovery through shares of the upcoming Bitcoin mining company. Furthermore, $225 million in crypto assets initially intended to fund new businesses will be unlocked. Additionally, approximately $2 billion in Bitcoin and Ether will be redistributed to Celsius creditors.

While some creditors and the US Department of Justice’s bankruptcy watchdog have raised concerns about the new plan and proposed a new vote, a judge has determined that it will not negatively impact creditors and has approved the restructuring strategy.

Overall, the blockchain industry continues to witness significant developments and challenges. Blast’s impressive TVL milestone underscores the project’s potential, and its upcoming airdrop is generating substantial interest. However, addressing the decline in new depositors will be crucial for sustained growth. Meanwhile, as CryptoQuant predicts a potential Bitcoin correction amid the anticipated approval of a spot ETF, cautious portfolio management is advised. Lastly, Celsius Network’s successful restructuring strategy signifies hope for a positive outcome from a challenging bankruptcy process.