anyone else notice defi tvl cratering but the tokens themselves holding up weirdly well?

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so defi tvl is down like 37% this year, from ~115b in jan to ~70b by end of june. sounds bad on paper. but then in june btc dropped 22% and most major defi tokens only dropped like 4% on average. that's backwards from what usually happens, defi tokens are normally the ones that get wrecked harder in a downturn. also apparently aave and hyperliquid pulled in something like $900m each in actual revenue recently, which is wild given how quiet things feel right now. feels like tvl dropping and actual usage/revenue holding up are two different stories that don't usually diverge like this. anyone have a theory on what's driving it, or is this just noise   submitted by   /u/PleasantAd7956 [link]   [comments]