Recently, Ethereum (ETH) reserves have significantly declined in Layer 2 (L2) solutions. The total L2 ETH balance has dropped by about 25%, with the most striking decline occurring in the Optimism network; since March 2025, the amount of ETH here has decreased by 54%. Arbitrum and Base recorded declines of 17% and 14%, respectively.

What Factors Are Behind the Decline?

The graphic data of The DeFi Report shows that there have been significant ETH outflows from major L2 networks like Optimism and Base, especially since the beginning of 2025. One of the main reasons for this is the depreciation of these networks' native tokens.

For example, while the token OP of Optimism has lost over 38% in value in the last 90 days, Arbitrum's ARB token has decreased by 21%. This situation has caused a reduction in investor interest, redirecting funds to different platforms.

In addition, ETH inflow to the Ethereum main network, which is considered more secure, is increasing. The amount of staked ETH and long-term holding addresses have reached new records. This development indicates that investors prefer Ethereum as a long-term store of value instead of trading on L2 networks.

Large Wallets and Selling Pressure

CryptoQuant data shows that large wallets are reallocating their assets, which is increasing selling pressure in L2 networks. These wallets, defined as 'Accumulation Addresses,' which have not sold in the past, currently hold a total of 22.8 million ETH. Additionally, many publicly traded companies hold ETH as a reserve asset.

Changing Dynamics Between the Main Network and Layer 2

In 2024, a period was experienced where L2 networks challenged the main network in terms of users and transaction volume. However, there is currently a reverse trend: the Ethereum main network is strengthening its leadership with increased activity. This momentum has been supported by the Pectra upgrade implemented last month, which improved network performance.

On the other hand, L2s like Optimism and Base need to take steps to regain market confidence. Otherwise, they risk losing their critical roles in scaling and alleviating transaction load.

Looking Ahead and Suggestions

The return flow of ETH from L2 networks to the main network may continue due to market conditions and the effects of the Pectra upgrade. However, L2 projects should focus on increasing liquidity and reducing dependence on easily manipulated tokens to recover.

Developers may aim to stabilize capital flows by establishing transparent incentive mechanisms and collaborating with centralized crypto exchanges. Additionally, the fact that ETH staking has reached about 29% of the total supply is an important indicator of long-term confidence in Ethereum.

If L2 networks cannot quickly adapt to this change, they may lose their competitive advantages, and the Ethereum main network may further consolidate its leadership.


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