Ethereum’s TVL Plummets by $45 Billion Amid Political Shifts and Market Developments

As of March 10, reports from COINOTAG indicate that the total value locked (TVL) in DeFi protocols has significantly declined since the U.S. presidential election in November 2024. Analyst Miles Deutscher highlighted that the DeFi TVL peaked at $138 billion on December 17 but fell sharply to $92.6 billion by early March. Data sourced from DefiLlama reveals that Ethereum has experienced a notable drop of $45 billion from its all-time peak. While the cryptocurrency sector has seen some positive milestones, such as the United States introducing a spot Bitcoin ETF and former President Trump initiating a strategic Bitcoin reserve, Ethereum has ultimately struggled to reclaim its previous high of $4,787, set in November 2021. This ongoing trend underscores the volatile nature of the market and challenges facing even the leading cryptocurrencies.