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AAVE 
BTC 
HYPE 
ONDO 
UNI DeFi tokens have performed exceptionally strongly against Bitcoin, and the market may be \"quietly reassessing\"
Cryptocurrency index fund provider Bitwise said that over the past month, decentralized finance (DeFi) tokens have performed abnormally strongly against Bitcoin, which may indicate that the market is \"quietly reassessing\" the field.
Bitwise noted in a report on Thursday that Bitcoin (BTC) fell about 22% in June, while its index, which tracks major DeFi protocol tokens, fell only 4% over the same period. \"DeFi is typically much more volatile than Bitcoin, so such a strong performance is rare, and few people talk about it,\" the report said.
DeFi tokens have always been known for being highly volatile during periods of market volatility because risk-averse traders sell them first. However, Bitwise believes that this situation is changing as traditional institutions begin to use these protocols and the overall DeFi ecosystem becomes stable.
Bitwise said: \"We think DeFi is quietly reassessing. The token economy is improving, the gap between usage and token value is narrowing, real institutions are being built based on projects such as Morpho and Jupiter, and Aave alone has generated approximately $900 million in revenue in the past year.\" The report added: \"We expect DeFi\'s strong performance to continue in the third quarter, a shift that tends to be noticed late in the market.\"
![](\"/d/file/20260710/218b2ce87c0a11f1a98cb80d425f811e.png\")
Bitwise\'s DeFi index fund is weighted by market value, and currently holds 61% of its holdings in Hyperliquid (HYPE)-a native token on the eponymous cryptocurrency perpetual contract exchange that has risen more than 160% so far this year. The index also holds tokens such as Uniswap (UNI), Ondo (ONDO) and Aave (AAVE), which have all seen double-digit percentage declines year-to-date.
DeFi\'s total locked value falls in 2026
Although HYPE supports the value of DeFi tokens, CryptoRank reported on June 24 that DeFi\'s total locked value has fallen nearly 40% so far this year (as of June), from approximately US$115 billion in January to just over US$70 billion. The crypto data aggregator attributed the market\'s decline to a sharp correction in early October-which occurred after the crypto market peaked, when Bitcoin hit a high of more than $126,000. However, the company said the current retracement is still smaller than during the 2022 bear market, indicating that the DeFi market is more resilient.
Bitwise: Expectations for stablecoins and the success or failure of the CLARITY Act will bring fluctuations
In the report, Bitwise also identified several key upcoming events that are expected to affect the crypto market. The company said it expects \"large companies will steadily announce stablecoin projects\" ahead of the GENIUS, a stablecoin regulatory bill passed by the United States last year and will take effect in January 2027. The report added that during the downturn in the crypto market, the supply of stablecoins remained stable, and the growth of stablecoins will have a positive impact on blockchains such as Ethereum and Solana this quarter as regulators finalise the details for the GENIUS Act.
Bitwise also predicts that the next three months will be a \"critical period\" for the CLARITY bill-the crypto market structure bill is currently under review and negotiation in the Senate. Bitwise believes it is unlikely that the bill will pass before the November election. It said: \"If the bill passes, we believe it will likely mark the bottom of this bear market. If it fails, initial volatility is expected, and uncertainty will gradually dissipate later as the industry continues to build under the leadership of the pro-cryptocurrency SEC and CFTC.\"
