The DeFi landscape today offers an interesting read. TVL is maintaining the $122 billion threshold—yes, there's a slight pullback intraday, but that's noise, not a red flag. What caught my attention isn't the pullback anyway.

Stablecoin market caps are climbing this week. That's the real story. When stablecoins are accumulating value, you're usually looking at traders building dry powder or sophisticated players rotating positions. Liquidity conditions remain robust across major venues.

The bigger picture: this isn't capitulation territory. It's consolidation with healthy underlying mechanics.