DeFi may be ‘quietly re-rating’ given outperformance against Bitcoin: Bitwise
“DeFi usually swings much harder than Bitcoin, so holding up this well is unusual,” says Bitwise, as DeFi tokens have outperformed Bitcoin.
Decentralized finance (DeFi) tokens have held up unusually well against Bitcoin over the past month, suggesting the market may be “quietly re-rating” the sector, says crypto index fund maker Bitwise.
Bitcoin (BTC) fell about 22% in June, while Bitwise’s index tracking tokens from major DeFi protocols fell only 4% over the same period, Bitwise said in a report Thursday.
“DeFi usually swings much harder than Bitcoin, so holding up this well is unusual, and almost no one is talking about it,” it said.