Insights Capital flight from 'top caps' to DeFi, visualized

Capital flight from 'top caps' to DeFi, visualized

Jul 21, 2020

Amid Bitcoin’s ongoing consolidation, the market attention has ostensibly shifted away from perennial top-caps and towards lending protocols, decentralized exchanges and multiple other DeFi-based initiatives.

But don’t take my word for it - ever since Bitcoin’s ‘halvening’ on May 11th, the benchmark coin’s trading volume has been in a state of constant and ongoing decline, lending credence to the idea of organized ‘capital flight’ from crypto ‘blue chips’ into a growing number of mid and low-cap altcoins.

Bitcoin's trading volume, last 6 months (Source: Sanbase)

On May 11th, Bitcoin’s recorded trading volume was around $105,730,000,000. In comparison, the last 24 hours saw a ‘mere’ $26,290,000,000 being exchanged between traders - a 75.1% decline.

And it’s not just BTC, either. Other top-ranked assets including Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) have all experienced a similar drop in speculative interest

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