Only four protocols in the DeFi space have a TVL exceeding $10 billion.

- Internet Computer (ICP) surged in 2025 via tech upgrades, cloud partnerships, and speculative demand, with TVL hitting $1.14B and token price rising 45%. - Strategic alliances with Microsoft Azure and Google Cloud boosted enterprise adoption, while Caffeine AI tool attracted 2,000+ developers, spiking trading volume by 131%. - Q3 2025 upgrades like Chain Fusion enabled Bitcoin-Ethereum interoperability, yet DApp usage fell 22.4%, highlighting gaps between infrastructure and user adoption. - Institutional

- Bitcoin's price volatility risks triggering $1.1B in liquidations, with a $123M Hyperliquid short position near $96,100 liquidation threshold. - Market stress mirrors 2022 FTX collapse as 74.7% of recent liquidations involve leveraged shorts, signaling sustained BTC upward pressure. - Key technical indicators show extreme fear levels and oversold RSI, with critical support at $93,500-$89,000 threatening bullish recovery scenarios. - Institutional activity and cascading liquidations could push BTC toward

- Fed officials including Lorie Logan and Neel Kashkari oppose rate cuts, citing persistent inflation and weak economic data, dampening December easing expectations. - Tightening liquidity and shifting Fed policy triggered Bitcoin's six-month low at $93,000 and record $866M ETF outflows amid heightened defensive positioning in crypto derivatives. - Market pricing for a 25-basis-point December cut dropped to 52% from 94%, driving capital reallocation to cash, bonds, and gold as macro uncertainty persists. -