Coinbase’s Base Sees Over $4B in Capital Outflows Through Cross-Chain Bridges; Ethereum Registers Inflows of $8.5B
Coinbase’s Base, a Layer 2 scaling solution, has experienced a dramatic shift in its capital flow, transitioning from the leading blockchain in terms of inflows via cross-chain bridges in 2024 to a significant net outflow leader in 2025. Artemis Terminal data reveals a net outflow of $4.3 billion this year, a sharp reversal from the $3.8 billion net inflow recorded in 2024, which was the highest among the top 20 blockchains. This contrasts sharply with Ethereum’s performance; the world’s largest smart contract blockchain, has seen a net inflow of $8.5 billion this year, after a $7.4 billion outflow in 2024.
The data clearly indicates a deceleration in Base’s momentum, with Ethereum regaining its dominant position. Crypto bridges, crucial for interoperability between different blockchains, are at the heart of this movement; bridging facilitates token transfers across networks. Base’s stablecoin supply has also plateaued above $4 billion since mid-May, coinciding with a slowdown in trading volumes.
Further analysis by L2BEAT shows a concerning trend: the total ether (ETH) deposited on Base has plummeted from 1.82 million ETH to just over 835,000 ETH within four weeks. This outflow mirrors a broader trend affecting other Layer 2 solutions, as noted by Michael Nadeau of The DeFi Report. Coinbase’s Protocol Specialist, Viktor Bunin, attributes the significant outflows, particularly the massive reduction in ETH, primarily to Binance withdrawing funds to Layer 1. Bunin suggests that Binance may have held a disproportionately large amount of assets on Layer 2 solutions, possibly due to incentives or operational reasons, and is now rebalancing its holdings across supported chains. This significant shift underscores the dynamic and evolving nature of the Layer 2 landscape and the importance of understanding capital flow patterns within the broader crypto ecosystem.
