Announcements Gate Research: Capital Flows Back to Ethereum from L2, Driving Repricing of Institutional DeFi

Gate Research: Capital Flows Back to Ethereum from L2, Driving Repricing of Institutional DeFi

2026-03-23 06:48:53 UTC 5700 Read

[//]:content-type-MARKDOWN-DONOT-DELETE
![](https://gimg2.staticimgs.com/image/ann_en_20260323_144541_e89c3dbfc6eb425783e99c970c18f8de.webp)

As the market completed a round of deleveraging under price pressure in February, on-chain activity did not cool in tandem. Instead, capital and user interactions shifted from broad dispersion toward more efficient networks and primary settlement layers. Against this backdrop, Gate Research has released its latest on-chain report, analyzing activity, capital flows, and sector dynamics.

* Activity remains resilient but increasingly polarized: Solana continues to dominate high-frequency usage, while Base and Polygon expand. Arbitrum’s activity has rebounded but lacks capital retention, whereas Ethereum reinforces its role as the primary settlement layer for high-value and macro assets.
* From traffic to value capture: Ethereum and Base saw notable fee growth, while Solana maintained high activity but with declining value per transaction, signaling a shift toward monetization efficiency.
* Capital returning to the mainnet: Ethereum shifted from net outflows to becoming the primary destination of inflows, while Arbitrum emerged as the main source of capital outflows. Capital is concentrating in higher-certainty networks.
* BTC in rebalancing, not breakdown: Short-term holders are broadly underwater, but the long-term structure remains intact, indicating a mid-cycle rebalancing phase.
* Sector divergence: AI and supply shocks provide short-term upside, while institutional DeFi absorbs mid-term capital and remains the more sustainable core narrative.

The report highlights that the key is not the magnitude of price recovery, but whether structural repair can persist. If capital continues to return to the mainnet and on-chain credit expansion sustains, the market is likely to complete its rebalancing and consolidation amid volatility, gradually transitioning into a trend recovery phase.

Discover more details today → <a href="https://www.gate.com/learn/articles/gate-research-capital-flows-back-to-ethereum-from-l2-driving-repricing-of-institutional-defi" target="_blank">Gate Research: Capital Flows Back to Ethereum from L2, Driving Repricing of Institutional DeFi</a>

<a href="https://www.gate.com/learn/category/research" target="_blank">Gate Research</a> is a comprehensive blockchain and cryptocurrency research platform that provides deep content for readers, including technical analysis, market insights, industry research, trend forecasting, and macroeconomic policy analysis.

### Disclaimer
Investing in cryptocurrency markets involves high risk. Users are advised to conduct their own research and fully understand the nature of the assets and products before making any investment decisions. <a href="http://gate.com/" target="_blank">Gate</a> is not responsible for any losses or damages arising from such decisions.

Change & Chart Start-End Time

Rise/Fall Color

Pay With

Gate Research: Capital Flows Back to Ethereum from L2, Driving Repricing of Institutional DeFi

Gate Research: Capital Flows Back to Ethereum from L2, Driving Repricing of Institutional DeFi

Select language and region

Select your region

Fiat Currencies