The decline in the crypto market, which started with the collapse of Terra, continues with Tesla selling Bitcoin. The amount of DeFi TVL, which has risen in the past weeks, keeping pace with the recovery in the crypto market, has started to decline again. So much so that the amount of DeFi TVL has decreased by 13 percent in the last week.
DeFi TVL Couldn’t Hold On In The Last Rally
DeFi’s TVL, which rose to $250 billion at the start of the year, dropped significantly. Decentralized finance, which entered July with $72 billion, added more than $10 billion to its TVL in the middle of the month, raising the amount of TVL to $87 billion.
The DeFi TVL rise, tied to the market gains of major networks such as Ethereum and Polygon, has also moved to the downside, influenced by Tesla’s sale of Bitcoin.
Exceeding $1,600 at the top of the last rally, Ethereum immediately started falling, bringing TVL with it. DeFiTVL has dropped $5 billion in the last two days, losing 5.81 percent in the market. Data from DeFiLlama shows that DeFi’s TVL amount has dropped 4.49 percent over the past 24 hours.
Finally, it should be noted that only $53 billion of the $84 billion TVL amount comes from Ethereum.
