Bitcoin just broke into new territory flying past $126k. But when you take a critical look at it, you know this breakout feels different. Before, it was all about 3 factors ➤ ETFs ➤ Rate cuts ➤ Weaker dollar. But now? The focus shifts, it’s not macro anymore, it’s which defi protocols actually deserve capital. When liquidity expands, everything pumps, but when it cools down, “capital starts asking why?”. and that’s what we’re seeing now 👇 ➤ ETF inflows gave btc its base, but that money doesn’t touch DeFi. ➤ Exchange reserves keep falling, only 2.19m $btc left on cexs. ➤ $usde transfers are up +16.1% month over month, capital is moving back onchain. So the market isn’t drying up, “it’s choosing where to stay.” The real players in this phase: - @pendle_fi – $7.2b tvl, fixed yields up to 20%, no emissions. - @HyperliquidX – $6.03b tvl, $23.3m/day in fees, no incentives. - @MorphoLabs – efficient lending with strong borrow demand. - @KelpDAO – restaking made simple, safe, and composable. - @base & @solana – chains built for speed and scale. The new DeFi stack looks like this: - tier 1 → anchors ( $btc, $eth) - tier 2 → core builders (@pendle_fi, @HyperliquidX, @MorphoLabs) - tier 3 → expansion layers (@KelpDAO, @base, @solana) BTC new all-time high is the headline, but the real story? DeFi proving who deserves to keep the money. So in short I’ll just say this 🔽 “macro opened the door, design decides who stays inside.”

Tagging some DeFi chads so you don’t miss out on anything related @eli5_defi, @Mars_DeFi, @crypto_linn, @arndxt_xo, @TheDeFiKenshin, @Hercules_Defi, @cryptorinweb3, @_SmokinTed, @St1t3h, @thelearningpill, @Nick_Researcher, @0xAmin7, @0xCheeezzyyyy, @yashasedu, @RubiksWeb3hub, @monosarin, @Defi_Warhol, @rektonomist_, @twindoges, @0xfreestyler, @Rightsideonly.