DeFi TVL has been stuck around ~$94B for a while, basically sideways. But Hyperliquid L1 is quietly moving against the tide, adding ~10% TVL in the last 30 days. In a flat market, relative growth like that usually means liquidity is rotating, not expanding. When capital starts concentrating like this, it often points to where the next trading gravity is forming. https://defillama.com/chain/hyperliquid-l1
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Back in Nov 2025, sell pressure got absorbed aggressively, similar to the reflex bid we saw post-LUNA and post-FTX. This move to $60K did attract some buyers, but the response was noticeably weaker. That tells me liquidity isn’t as eager to step in. If reflex demand fades, corrections stop being quick flushes and start becoming grinds. https://studio.glassnode.com/charts/indicators.AccumulationTrendScore?a=BTC&mAvg=7&s=1599524700&u=1771113600&zoom=
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Not funny, but fact: only Hyperliqiud and Provenance showed an increase in TVL over the past month. https://defillama.com/chains
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