DeFi TVL just dropped below $70B. First time since February 2024. Before the panic: put it in context. 2022 ATH: $175B 2023 bear bottom: $37B 2026 peak (Jan): $155B Today: ~$68B That's -56% from the 2026 peak. It's ugly. But the $37B floor held twice already. This isn't structural collapse — it's a drawdown inside a known range. What's actually happening: ETF outflows 3 consecutive weeks. DAT inflows at 18-month lows. Institutional money risk-off after the June CPI print. Capital isn't rotating — it's leaving. The $70B level now tells you everything: If it holds as support → accumulation zone, DeFi protocols are oversold vs revenue. If it breaks and trends toward $50B → the 2025 recovery narrative is fully unwound. TVL dropping below $70B is not the signal. Whether it bounces here is.