When it comes to Total Value Locked ( TVL ), Ethereum stands at the top and this can be attributed to the fact that Ethereum has an environment that supports building Financial products. Bitcoin is leading in terms of Market capitalization but very low on the ladder of tokens in terms of TVL.

This low rating of Bitcoin in terms of TVL is because Bitcoin initially does not support the building of financial applications and other products on its Network. With the recent addition of Runes to the Bitcoin network, and the existing BRC20 Tokens, there is likely going to be an increase in the TVL of Bitcoin.

The core chain has started the journey towards creating TVL in Bitcoin with noncustodial Bitcoin staking. This will allow stakers to participate in Bitcoin staking without risking their assets or the security of the Bitcoin Network.
On May 6, it was also recorded that Hermetica announced the launch of the first-ever Bitcoin-backed synthetic United States dollar with yield-generating capabilities. It is said that the protocol will offer up to 25% yield.

Bitcoin is leading in terms of Market capitalization. With yield capability coming to Bitcoin and the fact that Bitcoin is perceived as a store of value, we will likely see a massive increase in Bitcoin market capitalization, and Total Value Locked.
The approval of Bitcoin ETFs has already proved that Bitcoin is here to stay. As we await the Bull market, it is expected we consider securing assets within Runes and BRC20 Tokens.

This is only an individual opinion and should not be considered financial advice.