Matrixport: DeFi's total locked volume surpasses ETH, which is a bullish signal for ETH

DeFi has been underperforming in this bull market, but after a brief consolidation, TVL has increased to $108 billion, reaching its highest level since the Luna/Terra crash in May 2021. As the probability of Ethereum ETF providing staking returns is small, TVL increased by $17 billion last week, with Lido being one of the beneficiaries. All in all, this is a bullish signal for ETH.