the total locked value (TVL) of DeFi protocols experienced significant fluctuations in the past week, dropping from $140.95 billion on December 17th to $117.76 billion on December 20th, and then rising to $122.06 billion on December 26th. At the same time, the market capitalization of stablecoins remained relatively stable, fluctuating very little since December 1st and hovering around $240 billion. The significant difference between TVL and stablecoin market capitalization indicates that the decline in TVL is mainly due to the depreciation of cryptocurrency asset prices, rather than a fundamental shift in user behavior or capital flight from DeFi protocols.
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Analysis: DeFi protocol TVL fell 16% in the past week, but it is not "capital flight"
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