Ethereum News: Base L2 Annualized GDP Surpasses $1 Billion, Fueled by January User Spending of $110 Million

The Ethereum L2 network, Base, marks a remarkable milestone as its annualized GDP tops $1 billion, primarily driven by a surge in user spending during January.

Base L2 Annualized GDP Hits $1 Billion, January User Spending Tops $110 Million

The Ethereum L2 network, Base, has recently achieved a significant milestone. According to data from Token Terminal, the annualized GDP of the Coinbase-incubated L2 network has surpassed $1 billion. This achievement was driven by user spending during January, which reached a total of $110 million. The crypto analytics firm disclosed this development on social media, highlighting the growing adoption and utility of the Base L2 network.

Ethereum Price Analysis: Further Trouble Predicted After 14% Weekly Drop

Ethereum’s price has experienced a consistent decline over the past weeks, showing no signs of recovery. Technical analysis indicates a possible further drop in the coming weeks, with the market potentially targeting the $2,350 support zone. However, with the RSI entering the oversold region, a bullish pullback might be imminent, which could halt the downtrend if the market recovers above the 200-day moving average.

Ethereum Spot ETFs See Double Market Inflows Compared to Bitcoin Counterparts

Ethereum Spot ETFs started February 2025 strongly, recording net inflows twice as large as those in the Bitcoin ETF market in the first week of the month. Despite a 16.18% price decline in Ethereum, the ETFs registered $420 million in inflows, significantly larger than the $203 million for Bitcoin Spot ETFs.

Ethereum Supply In Profit Hits New 4-Month Low

Most large-cap altcoins have had moments of brilliance in the current bull cycle, with Solana and XRP being stand-out performers. However, Ethereum, known as the 'king of altcoins,' has struggled to impress, underperforming over the past year. Recent on-chain data reveals that a significant percentage of ETH investors are now underwater, partially due to the recent market downturn. Prominent on-chain analytics firm Santiment reported that the amount of Ethereum tokens in the red has steadily increased over the past few weeks.