Matt Hougan: DeFi Market Cap Below $300B

Matt Hougan noted that excluding Bitcoin and stablecoins leaves the segment of crypto attempting to reinvent finance at roughly $300 billion in market cap, a figure that remains modest against the enormous total addressable market.

ETH accounts for about $200 billion of that total, after which valuations drop sharply, leaving the entire DeFi ecosystem with a market capitalization comparable to half of Micron Technology.

Price action on the 4-hour chart shows ETH trading at $1680.18 inside the Bollinger Bands, with the upper resistance at $1699.82 and lower support at $1611.42. The EMA50 at $1700.14 and EMA200 at $1958.0 define the bearish structure, while RSI at 54.02 stays neutral and MACD registers a bullish golden cross at -2.45, suggesting any test of upper-band resistance could produce a measured pullback toward the 50-EMA before continuation.