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DeFi down 4 percent while bitcoin falls 22 percent; Bitwise says quiet rerating underway

DeFi tokens have shown a relatively resilient trend versus bitcoin over the past month, raising the possibility of a market rerating. Bitwise said its DeFi index fell 4 percent in June while bitcoin dropped about 22 percent, an unusual divergence given DeFi’s typically higher volatility. It cited growing institutional use and improved token economics but noted index concentration in Hyperliquid’s HYPE and a decline in total value locked. It highlighted U.S. regulation and stablecoin expansion as key variables.