Aave propels DeFi higher while crypto remains unfazed by surging bond market
Bitcoin BTC$83,065.44 recovered Monday's losses and traded at $84,170 on Tuesday, up 0.82% since midnight UTC and 1.4% over 24 hours. The move happened even as market conditions continued to suppress risk assets.
DeFi leads the move
Decentralized finance (DeFi) drove the market for the second time in a week. The DeFi Select Index (DFX) gained 5.0% since midnight, led by lending protocol token aave AAVE$169.45 at 11% and curve dao token CRV$0.3964 at 5.2%.
The CoinDesk 80 rose 2.0%, compared with 1.3% for the CoinDesk 5. Over 24 hours, the ranking inverted: the CoinDesk 5 gained 1.7%, while the CoinDesk 80 added 0.44%.
Market breadth supports the move
The CoinDesk 100 index added 0.89% to 1,904.49, with 72 of the 100 constituents higher. That breadth showed the Tuesday recovery extended beyond Bitcoin.
The bid arrived despite pressure from U.S. Treasury yields. The 10-year Treasury yield sat at 5.234% after ending Monday above 5.2%, near levels last seen in 2007. The 30-year yield stood at 5.549%, having topped 5.56% on Monday, around a 2004 high.
Equity backdrop remains mixed
U.S. stocks fell for a second session on Monday. The Dow dropped more than 300 points, while the S&P 500 and Nasdaq Composite shed 0.8% and 0.9%. Futures were mixed on Tuesday morning, leaving equity markets as a background condition for the market move.
Risk Disclosure
This article is provided for informational purposes only and does not constitute investment advice, financial recommendations, or an offer to buy or sell any digital asset. Cryptocurrency prices, including those related to DeFi protocols such as Aave, can be highly volatile and may be affected by market sentiment, regulatory developments, liquidity conditions, and macroeconomic factors. Readers should conduct independent research, assess their own risk tolerance, and consult qualified professionals before making any investment decisions.
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