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The Bitcoin price continues to struggle despite a recent recovery, but the larger losses are being recorded elsewhere. The decentralized finance (DeFi) sector, which was a central focus of the 2021–2022 bull market, has seen its momentum fade over time, with liquidity rapidly moving out of DeFi protocols and leaving “ghost” chains behind.
On-chain researcher @waleswoosh on X (formerly Twitter) highlighted a trend in DeFi activity over the past few weeks. The shared charts indicated that money has been moving out of DeFi protocols at an unusually fast pace.
The observation is supported by DeFiLlama data, which shows declines across both large and smaller networks. According to the website, Ethereum’s Total Value Locked (TVL) has fallen by around 13.54%. The decline is described as modest compared with losses on other protocols.
Over the same period, Solana recorded a 15.15% change in TVL. Other protocols reported larger drawdowns, including Hyperliquid at 15.71% and Near at 25.68%. The article notes that these percentage changes translate into billions of dollars in TVL leaving the platforms.
In contrast, Bitcoin’s TVL reportedly increased by around 73.60% during the same time frame, while Iron saw a 23.42% increase. The shift is presented as evidence of capital moving away from DeFi toward more “sustainable” investment options.
One factor cited for the outflow from DeFi protocols is the ongoing wave of hacks affecting the sector. The most recent example mentioned is the KelpDao hack, in which the attacker(s) allegedly took almost $300 million, leaving investors in a difficult position.
The article also points to weakening incentives for locking funds. Yield—once a major draw for DeFi—has reportedly become less attractive as yield rates fall and risks rise. It highlights concerns about a low reward-to-risk ratio, with the possibility of losing invested funds increasing over time.
Overall, the TVL of the DeFi sector is described as being in free fall. At the time of the report, it had declined by 7% over the previous 24 hours and was sitting slightly above $122 billion. This is far below the $229 billion level recorded in October 2025.
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