Base Handles Nearly Half Of $3B Weekly On-Chain Bitcoin Trading Volume

Bitcoin’s daily transactions stayed steady in recent months, ranging between about 350,000 and 450,000 per day, Blockworks data shows.

• Blockworks data showed that weekly on-chain Bitcoin spot trading volume exceeded $3 billion, with Base capturing the largest share.
• Base, Coinbase’s Ethereum Layer-2 network, emerged as the primary chain for on-chain BTC trading, significantly outpacing other major blockchain ecosystems.
• Research from Fidelity Digital Assets suggests that rising activity on Layer-2 networks is driven by lower transaction costs and greater efficiency compared with main networks.

On-chain Bitcoin (BTC) trading has increasingly concentrated on a handful of blockchains, after data showed that Base alone captured about 43% of over $3 billion in weekly spot BTC volume.

According to data from Blockworks, as of last week, roughly 97% of weekly on-chain Bitcoin spot trading volume occurred across six chains. Base accounted for the largest share at about 43%, followed by Ethereum (ETH) at 13%, Arbitrum (ARB) at 12%, Binance Coin (BNB) and Hyperliquid’s layer-1 network HyperCore (HYPE) at 10% each, and Solana (SOL) at 9%, the data showed.

Base TVL Grows Multifold Year-Over-Year

DeFiLlama data also showed that the total value locked (TVL) on Base has grown to about $4 billion, a big jump from less than $500 million in early 2024. In 2025, the total Bitcoin deployed across DeFi protocols reached nearly 80,000 BTC, but in recent months, it has stabilized at about 70,000 BTC.

Base is a Layer-2 blockchain built on Ethereum and developed by Coinbase (COIN), designed to enable faster, lower-cost transactions while leveraging Ethereum’s security. It has rapidly grown into one of the most active Ethereum Layer-2 networks since its launch in 2023. 

Coinbase’s stock was up almost 3% at midday on Monday. On Stocktwits, the retail sentiment around COIN remained in the ‘bearish’ territory, as chatter levels around it remained ‘low’ over the past day. 

Layer-2 Networks Gain Traction In On-Chain Trading

Blockworks data also showed Bitcoin’s daily transaction count remained relatively stable in recent months, fluctuating between roughly 350,000 and 450,000 per day.

It highlighted that average Bitcoin transaction fees have remained relatively low in recent weeks, following occasional spikes late last year. The rise in activity on Base reflects a broader shift toward Layer-2 networks, which process transactions more efficiently and at lower cost than main networks, according to research from Fidelity Digital Assets.

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