$4B Flees Coinbase’s Base—While Ethereum Rakes in $8.5B via Cross-Chain Bridges

Money talks—and right now, it's screaming into Ethereum's pockets while sprinting away from Coinbase's Base. Cross-chain bridges tell the story: one chain's trash is another chain's treasure.

Capital flight or smart reshuffling? Base sheds $4B as traders chase greener pastures—or just better yields. Meanwhile, Ethereum's $8.5B haul suggests the OG chain still runs this casino.

Wall Street would call this 'portfolio rebalancing.' Crypto just calls it Tuesday. Either way, the numbers don't lie—even if the memecoins do.

The data show the momentum behind the Base chain has decelerated, with ethereum reclaiming its top spot.

Crypto bridges are protocols that facilitate communication and interaction between different blockchains, enhancing interoperability. Bridging, therefore, refers to the act of moving tokens between different networks.

The cumulative supply of stablecoins on Base has also flattened above $4 billion since mid-May alongside slower trading volumes, as the chart below shows.

BASE bleeding ETH

According to the data source L2BEAT, the total number of ether (ETH) deposited on BASE has crashed from 1.82 million ETH to just over 835,000 ETH in four weeks.

The trend is consistent with other LAYER 2 solutions, which have seen notable ETH outflows in recent weeks, according to Michael Nadeau of The DeFi Report on X.

According to Coinbase's Protocol Specialist Viktor Bunin, the outflows are likely due to Binance withdrawing capital to the Layer 1.

"The vast majority is just Binance withdrawing to L1. They kept an ungodly amount on the L2s. Unclear if they were getting incentives to keep it there or just didn't balance across their supported chains," Bunin said on X.