Global DeFi TVL drops to 5-week low as the bears rise

The global decentralized finance (DeFi) total value locked (TVL) has dropped to a 5-week low. The downward movement started amid the fall of the total cryptocurrency market capitalization from its local top of almost $1.3 trillion.

According to data provided by DeFi Llama, the total DeFi TVL has dropped by 1.6% in the past 24 hours, a level last seen on March 18. The value locked is currently sitting at roughly $48 billion at the time of writing, with Lido having a 23.6% dominance — accumulating a TVL of $11.33 billion — over the total number.

Moreover, the global DeFi TVL plunged by around 10.5% from its local high of $53.63 billion on April 14 — when the total crypto market cap was at the $1.29 trillion mark.

Like the DeFi TVL, the global digital assets’ market capitalization has dropped by 10.8% from its local top. The global crypto market cap is sitting at around $1.15 trillion at the time of writing, according to data provided by CoinMarketCap (CMC).

Furthermore, the top 15 DeFi protocols have witnessed notable drops in terms of TVL in the past 24 hours and even further declines over the last seven days, per DeFi Llama. 

According to the data aggregator, the decentralized automated market maker (AMM) protocol, Balancer, has sunk the most, 17.25%, over the past week.