DeFi Activity Analysis 9/6-9/8

In this post we will take a look at how DeFi reacted to the price fall Bitcoin has undergone in the past 48 hours.

First lets take a look at hourly decentralized exchange volume in the past 48 hours to have a basis on activity levels.

• We see that volume stays relatively stable until about 14:00 and 15:00 UTC (8 and 9AM EST). This coincides with the largest losses Bitcoin took at the time, falling from 50779 to 42830 (a-15.69%) in 2 hours.

Next lets take a look at gas fees to see how it correlates with the price action.

• While we see Ethereum (ETH) fall at 15:00 UTC (8AM EST), we see a slight raise in gas fees during this time.

• At 19:00 UTC (12PM EST) we see a spike in gas fees uncorrelated to the price action of either BTC nor ETH at the time.

Finally lets take a look at the fluctuations that Stablecoins endured during the time period.

• Above we see that up until 15:00 UTC we see that stablecoin valuation stays relatively stable. Stablecoin peg valuation begins to dramatically spike at 15:00 UTC and is overall much more volatile in comparison to before the 15:00 UTC price action/volume spike.