Bitcoin bounces above $76,000; DeFi reels

Bitcoin has recovered above the $76,000 mark, showing resilience despite geopolitical tensions and rising oil prices. This stability is attributed to steady spot ETF inflows and reduced leverage, suggesting more durable demand. In contrast, the decentralized finance (DeFi) sector is experiencing significant turmoil following a $292 million exploit at KelpDAO. This has led to a $14 billion exodus from DeFi protocols, pushing the total value locked (TVL) to a one-year low of approximately $85 billion. The exploit has highlighted contagion risks and a potential shift in user risk appetite.