Ethereum Breaks Rebound as DeFi TVL Slides and Whales Add at Cost Basis

Ethereum has slipped below a short-term structure after a more than 5% drop in recent days, falling under $1,980 on February 10 when a narrow rebound channel failed. The Chaikin Money Flow stayed below zero during the bounce, signaling weak large‑scale buying and leaving the recovery without strong institutional support, so sellers regained control and pushed ETH lower.

A broader structural issue is visible in DeFi usage. Total Value Locked fell from $75.6 billion in mid‑November to roughly $55.5 billion as of February 10, close to a three‑month low. As TVL declined, exchange inflows rose or outflows weakened—an indication that capital is shifting away from long‑term DeFi commitments toward potential selling—so the pattern break is unfolding amid weakening core usage.

Large wallets have not fully exited. Whale holdings dipped from about 113.91 million ETH to near 113.56 million since February 6, then edged up slightly to 113.62 million in the past 24 hours, suggesting small‑scale accumulation.

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