In the last 2 months, more than $50B TVL has been wiped out from DeFi ecosystem.

TVL peaked at $172B and today we’re sitting at $120B.

people think this is the end of DeFi.
It’s not.

this is the clean-up phase triggered by retail greed before major run.…

Mapping the momentum behind crypto.

Bitcoin txn fee is still at bear-market levels and we’re expecting a major bull run?

Arbitrum just crossed a huge milestone.

Over 1,000 projects are now built on @arbitrum, making it a top 3 chain by number of protocols. $ARB

$Sui DEX volume dropped to its lowest level, from $1.5B to only $200M a day now.

[Data: @artemis]

► @PhalaNetwork revenue exploded from 22M to 87M $PHA in just 6 months.

All that trading just to end at zero

> BTC and ETH are flat in 2025
> Up exactly 0%
> Altcoins are down at least 10x

Where is the money gone?

One of the worst year for altcoins

how top L1s performed against BTC:

$APT -80%
$ARB -80%
$SUI -60%
$SEI -66%
$S -89%
$DOT -70%
$SOL -27%
$INJ -72%
$NEAR -65%
$TON -70%
$ATOM -64%
$AVAX -61%
$BNB +33%

My crypto life story:

2017 - took profits
2018 - down 90%
2019 - invested more
2020 - recovered
2021 - took profits
2022 - took profits
2023 - took profits
2024 - took profits
2025 - took profits
2026 - ?

Cycles change.
The lesson doesn’t.

2025 is a complete meltdown for alts

Average drop across narratives: 75%

AI, Modular, Gaming wiped out by 90%

Memecoins, L2s also saw ~80% drops

Spot traders disappeared in December.