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Since the beginning of 2022, Ethereum’s Total Value Lock (TVL) has been steadily declining. Since then, TVL has fallen more than 60% of his, and now Ethereum TVL continues to fall despite a significant shift from proof of work to proof of stake.
The news of the Ethereum merge had high hopes for the network. First of all, it was expected to provoke more adoption of the cryptocurrency. .
However, the opposite is true as ETH has been trending downward since the merge was completed. Ethereum TVL trending down instead of up Lost more than 4% value in 24 hoursTVL is now at $31.35 billion, the lowest in two months. With each recovery, the TVL reaches lower highs.
The decentralized finance (DeFi) market as a whole is following a similar downward trend. Over the past 24 hours, the market has fallen 3.11% from $56.31 billion to $54.56 billion. Ethereum continues to dominate the space, with Iron coming in second with his TVL of $5.53 billion.
Most of the uncertainty about price movements after the merger has led to a large outflow of funds from the market.In the days leading up to the merger, institutional investors outflow About cryptocurrencies. According to reports, in Ethereum he recorded a $62 million outflow in one week.
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Selling was also evident in the large amount of ETH moved to centralized exchanges earlier in the week. The confidence induced leading up to the upgrade seems to have worn off in the last few days leading up to it.
Digital assets also took a price hit after the upgrade. The sell off saw the price drop 4% to $1,500 in a single day. However, trading volume has increased by more than 50% over the same period, indicating interest in cryptocurrencies despite falling prices.
Featured image from Analytics Insight, chart from TradingView.com
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