While repairing and escaping at the same time: DeFi is experiencing a "trust re-pricing"

Recent market signals are intertwined:

DeFi rebound provides a temporary relief for KelpDAO

Aave funds are clearly flowing to Spark

Hong Kong accelerates the asset tokenization process

The United States begins testing Bitcoin network security mechanisms

Strategy continues to expand BTC holdings

But at the same time, a deeper issue is emerging—institutions' concerns about DeFi security are intensifying.
Structurally, this is not a single event but a market re-evaluating the "return vs. risk" balance. When security incidents occur frequently, funds naturally migrate toward more stable or transparent options.
This is why you see: one side is a rebound and recovery, while the other is capital outflow.
In the crypto world, cycles are never just upward or downward; they are a repeated game of trust and risk.
Those who can truly navigate cycles are not those chasing hot trends, but those who understand fund flows and risk structures.