On-chain spot Bitcoin trading has crossed a significant threshold, with weekly volume exceeding $3 billion as of early March 2026 — and Base is the network capturing the lion's share.

Data published by Blockworks shows that six chains account for over 97% of this volume. Base leads decisively at 43%, followed by Ethereum at 13%, Arbitrum at 12%, BNB chain and HyperCore at 10% each, and Solana at 9%.

Base's Rising Dominance

The figure is striking because on-chain spot BTC markets were historically dominated by Ethereum, where most wrapped BTC and similar assets have deep DEX liquidity. Base's 43% share — more than three times Ethereum's — signals a meaningful shift in where traders are choosing to execute BTC spot transactions.

Base, Coinbase's L2 built on the OP Stack, has seen rapid growth in DeFi activity over the past year. Decentralized exchanges like Aerodrome Finance have accumulated substantial liquidity pools, and Base's lower transaction costs relative to Ethereum mainnet make it an attractive venue for higher-frequency spot activity.

A $3B Weekly Milestone

The $3 billion weekly figure reflects a broader expansion of on-chain spot trading overall. As DeFi infrastructure matures and bridged BTC assets like cbBTC gain wider adoption, trading volume continues migrating from centralized exchanges toward permissionless on-chain markets.

HyperCore's appearance at 10% is also notable — the relatively new chain has built a reputation for low-latency order book trading and is increasingly competing with established L2s for active trader volume.

For Base, the data reinforces its position as a primary destination for on-chain financial activity, extending well beyond its early reputation as a memecoin launchpad.