Bitcoin price may still drop 40% after FTX ‘Lehman moment’ — analysis
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“So far, CEX derivative exchange volumes have been most affected. Combined futures OI is now back to pre-2021 levels, a massive backward step for the industry,” it wrote.
On the topic of DEXes, it said the data “implies the entire crypto pie is being cut massively.”
“Overall DeFi TVL is now less than 1/4 last year’s peak!” the post summarized alongside more explanatory charts.
“Even DEXes which would be expected to gain the most, have only seen volumes rise to Jul/Aug levels, even with all the emergency token/stables/chain swapping that needed to be done post-FTX.”
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