Our data shows a tightening of liquidity and a dip in market confidence. DeFi TVL contracted sharply, the fear‑greed gauge moved deeper into fear, and funding rates remain positive, indicating that longs are still paying shorts on perpetual contracts.
DeFi TVL falls 8.8% to $77.6 B
The total value locked across all DeFi protocols is $77.6 billion as of November 12, 2026, down 8.8% over the past week. This is the steepest weekly decline we have recorded this year, though it does not set a new low since the start of the year. A falling TVL suggests that capital is moving out of DeFi and into other assets or cash.
The Crypto Fear & Greed Index sits at 28, classified as “Fear”. Yesterday it was 29, a week ago it was 50 and a month ago 57, showing a steady slide toward the lower end of the scale. The index’s movement reflects growing risk aversion among traders, which aligns with the TVL contraction.
Fear & Greed Index, last 30 days 28Data: alternative.me.
Kirill SagitovFormer CEO of coytx.com. At COINMAG he writes the daily data briefs: market sentiment, stablecoins, derivatives, DeFi and prediction markets, built on the numbers COINMAG tracks.All articles by the author
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Total stablecoin supply across dollar, euro and other tokens is $290.8 billion, down 1.5% (‑$4.3 billion) in the last seven days and 4.8% over the past month. The decline mirrors the broader outflow of capital from crypto‑linked assets and adds to the picture of tightening liquidity.
Stablecoin supply, last 90 days $290.8BData: DefiLlama, computed by COINMAG.
Bybit funding rates average +5.4%
Perpetual futures on Bybit show an open‑interest‑weighted average funding rate of +5.4% annualized, meaning longs are paying shorts. Bitcoin funding is +2.8% and Ethereum +8.2%. Only two of the 36 markets have negative funding, while the most extreme rates range from ‑23% on GRAM to +11% on several tokens such as PEPE and AAVE. Positive funding indicates bullish positioning despite the broader risk‑off tone.
Most extreme funding rates, annualized
GRAM−23%
WLFI−12%
PEPE11%
AAVE11%
ARB11%
AVAX11%
Bybit perpetuals with over $20M open interest. Computed by COINMAG.
Among DeFi applications holding over $300 million, the biggest 7‑day deposit changes are all negative. Sky (lending) fell 16.8% to $4.1 billion, Defi Saver (lending) down 16.5% to $0.3 billion, and Kinetiq (staking) also down 16.5% to $0.8 billion. KernelDAO, Rocket Pool and EigenCloud each slipped between 14.5% and 15.7%. These declines reinforce the liquidity pullback highlighted by the TVL and stablecoin metrics.
We will keep an eye on the Fear & Greed Index and DeFi TVL for any signs of reversal, as well as funding rate shifts that could signal changes in trader positioning.
Data: DefiLlama, alternative.me, Bybit and CoinGecko, collected and computed by COINMAG. Charts may be reused with a link to this page. This is not financial advice.
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