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$124 Billion Wiped Out of Ethereum Market in 6 Weeks, Report Says

The ETH DeFi market underwent a dramatic deleveraging, where over $124 billion in capital disappeared in six weeks. The combined market cap of USDT, USDC, BUSD, and DIA, now...
$124 Billion Wiped Out of Ethereum Market in 6 Weeks, Report Says $124 Billion Wiped Out of Ethereum Market in 6 Weeks, Report Says

  • The ETH DeFi market underwent a dramatic deleveraging, where over $124 billion in capital disappeared in six weeks.
  • The combined market cap of USDT, USDC, BUSD, and DIA, now exceeds the Ethereum market capitalization by $3 billion.
  • ETH currently trades at $1,173, with a 5% increase in the last 24 hours.

According to data from Glassnode, a blockchain metric tracker, the Ethereum (ETH) decentralized finance (DeFi) market underwent a dramatic deleveraging, where over $124 billion in capital disappeared in six weeks. Glassnode made the assertion on June 17 in a research piece titled “The Great DeFi Deleveraging.”

According to them, early warning signs of a decline in ETH usage and network demand manifested after the November 2021 all-time high (ATH) of $4,808. They said there was a decline in on-chain activity and gas fees, which signaled a reduction in DeFi-related transaction activity.

The report stated that the Total Value Locked (TVL) on ETH fell from $205 billion to $81 billion, presenting a 60% fall in six weeks. The rice collapse happened via two significant tranches through May and June.

The first was $94 billion during the implosion of Terraforms Lab’s projects, the Terra LUNA 1.0 and Terra USD (UST). The second was $30 billion as ETH traded below its 2018 ATH of $1,030 in June.

These events put the ETH investor base in historically significant realized losses. The combined market cap of the top four stablecoins, Tether USD (USDT), Circle USD (USDC), Binance USD (BUSD), and the ETH-based USD (DIA), now exceeds the Ethereum market capitalization by $3 billion. Meanwhile, their combined size never reached 50% of the ETH market cap throughout 2021.

Glassnode later noted that though the current de-leveraging in the ETH DeFi ecosystem is a painful process, it will allow the ecosystem to heal and rebuild on firmer foundations.

Over the weekend, ETH touched $880. It currently trades at $1,173, with a 5% increase in the last 24 hours.

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02-07-2022 23:37:00 (UTC+7)

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 EUR/USD1.0429Neutral
 GBP/USD1.2098↑ Buy
 USD/JPY135.21↑ Sell
 AUD/USD0.6816↑ Sell
 USD/CAD1.2888Buy
 EUR/JPY140.98Neutral
 EUR/CHF1.0007↑ Sell
 Gold1,812.90↑ Buy
 Silver19.823↑ Buy
 Copper3.6138Neutral
 Crude Oil WTI108.46↑ Sell
 Brent Oil111.48↑ Sell
 Natural Gas5.620↑ Sell
 US Coffee C223.95↑ Sell
 Euro Stoxx 503,448.31↑ Buy
 S&P 5003,825.33↑ Buy
 DAX12,813.03Buy
 FTSE 1007,168.65↑ Buy
 Hang Seng21,859.79Sell
 Small Cap 20001,727.76↑ Buy
 IBEX 358,176.10↑ Buy
 BASF41.270↑ Buy
 Bayer57.35↑ Buy
 Allianz182.00↑ Sell
 Adidas167.64↑ Sell
 Lufthansa5.566↑ Sell
 Siemens AG96.00↑ Buy
 Deutsche Bank AG8.053↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,800/ 6,860
(0/ 0) # 1,805
SJC HCM6,820/ 6,880
(5/ 5) # 1,766
SJC Hanoi6,820/ 6,882
(5/ 5) # 1,768
SJC Danang6,820/ 6,882
(5/ 5) # 1,768
SJC Nhatrang6,820/ 6,882
(5/ 5) # 1,768
SJC Cantho6,820/ 6,882
(5/ 5) # 1,768
Cập nhật 02-07-2022 23:37:04
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GBP27.507,8628.656,57
JPY167,24176,91
KRW15,5418,92
Cập nhật lúc 18:49:42 02/07/2022
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