Ethereum will have a net outflow of $7.4 billion in 2024, making it the network with the largest net outflow among the top 20 blockchains. Base will have a net inflow of $3.8 billion

Data shows that Ethereum's TVL is being eaten up by Base, and SOL has also eaten up a lot of Ethereum's TVL before. This is also one of the reasons why ETH is increasingly pessimistic. Another reason is that ETH issues more than 2,600 new tokens every day. This does not mean that ETH will not rise, but it limits its room for growth.