Looking at the DeFi metrics today, the first thing that stands out is TVL holding $122.003b with only a minor dip on the day. For me, that reads as stability rather than weakness.

What really stands out is stablecoin market cap continuing to rise on the week. Liquidity is still building on chain, which usually means capital is getting positioned, not pulled.

DEX volume being up week over week adds to that. Spot activity is staying active while perps volume cools off, which often shows leverage being reduced without killing participation.

Put together, this feels like a healthy reset. Liquidity is there, activity is steady, and the foundation looks intact heading into the next move.