Analysis: The TVL of DeFi protocols fell by 16% in the past week, but it's not a "capital flight"

The total value locked (TVL) in DeFi protocols has seen significant fluctuations over the past week, falling from $140.95 billion on December 17th to $117.76 billion on December 20th, before rebounding to $122.06 billion on December 26th. Meanwhile, the market value of stablecoins remained fairly stable with little fluctuation since December 1st, hovering around $240 billion. The difference between TVL and the market value of stablecoins is very significant, indicating that the decline in TVL is mainly due to depreciation of cryptocurrency prices rather than a fundamental shift in user behavior or capital flight from DeFi protocols.