Coinbase’s Base Exits Optimism, Triggers 23% Crash To New All-Time Low

Optimism plunged to a new all-time low after intense selling pressure overwhelmed recent demand, with OP collapsing 23% in 24 hours and extending an already fragile downtrend. Weak liquidity and deteriorating sentiment had weighed on the altcoin for weeks. The decline accelerated after Coinbase’s Layer-2 network Base confirmed it is transitioning away from the Optimism OP Stack and plans to develop its own unified technology stack, removing a major ecosystem catalyst and amplifying downside momentum.

Despite the sell-off, whale addresses holding between 1 million and 10 million OP added 60 million OP over the past month, an accumulation worth approximately $8.43 million at current prices. That buying suggests long-term conviction among large holders, but macro uncertainty and reduced risk appetite have limited its impact on price.

Derivatives positioning remains heavily skewed toward shorts, with short exposure near $7.9 million, signaling strong bearish conviction that could keep rallies capped.

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