Bridge activity has been fading for months, from ~30–35K daily users pre-October to ~13K now.

Across still leads, but even there usage dropped from ~25K to under 10K, so the slowdown is broad, not isolated. Bridging is one of the clearest signals of capital rotation. When users stop moving assets between chains, it usually means fewer new narratives, fewer incentives, and less urgency to reposition.

Right now capital looks parked rather than deployed. If that changes, it will show up first in bridge usage picking up again across multiple routes, not just one dominant player.
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