KelpDAO Hack Triggers $14 Billion DeFi Exodus After $292 Million Exploit

Bitcoin steadied after rebounding above $76,000 as DeFi suffered a $14 billion exodus following the $292 million KelpDAO exploit, according to CoinDesk.

“Bitcoin bounces above $76,000 as DeFi suffers $14 billion exodus after KelpDAO hack Crypto steadied despite rising Iran tensions, but DeFi is reeling from one of the largest exploits of the year”

@coindesk

The CoinDesk report says the largest cryptocurrency climbed about 2.4% over the past 24 hours, recovering from a dip below $74,000 earlier in the session.

@coindesk

It adds that Ether (ETH), XRP, Solana (SOL) and other major altcoins mirrored bitcoin’s move, while the broad-market CoinDesk 20 rose 1.7%.

CoinDesk frames the price action against rising Iran war risks, noting that U.S. President Donald Trump said Sunday that American forces had fired on and seized an Iranian-flagged cargo ship.

The same report says a fragile ceasefire is set to expire later this week, while oil prices jumped 6% to near $90 and the S&P 500 and Nasdaq slipped modestly, down around 0.3%-0.4%.

In DeFi, CoinDesk says the $292 million KelpDAO hack cascaded across the market because a vulnerability allowed the attacker to drain funds used as collateral across lending protocols.

CoinDesk also reports that total value locked (TVL) across DeFi protocols fell by $14 billion over the past two days, according to DefiLlama data, even as asset prices remained steady.

CoinDesk links bitcoin’s rebound to macro conditions, saying crypto steadied despite rising Iran war risks sending oil prices higher.

The report states that U.S. President Donald Trump said Sunday that American forces had fired on and seized an Iranian-flagged cargo ship, warning of further escalation while Tehran refuses to strike a deal.

CoinDesk

It also says a fragile ceasefire is set to expire later this week, and that oil prices jumped 6% to near $90 while the S&P 500 and Nasdaq slipped modestly, down around 0.3%-0.4%.

Against that backdrop, CoinDesk says steady spot ETF inflows and limited leverage suggest more durable demand for bitcoin, with capital concentrating in large-cap tokens while altcoins lag, citing a Wintermute trader.

The report quotes Jasper De Maere, saying, "The fact that prices have not fully retraced despite new tensions suggests some genuine demand," and it adds that he pointed to recent spot ETF inflows as a supporting factor.

CoinDesk also says De Maere argued that, unlike earlier rallies this year, the current move appears less driven by leverage.

The same CoinDesk piece warns that the path forward remains tied to geopolitics, adding that a renewed ceasefire could push bitcoin back toward $80,000 while further escalation may keep markets under pressure.

It concludes by saying capital continues to concentrate in large-cap assets like bitcoin, with riskier altcoins lagging, a pattern CoinDesk attributes to market environments driven by macro headlines.

CoinDesk describes the DeFi shock as a direct result of the $292 million KelpDAO exploit, saying the vulnerability allowed the attacker to drain funds that were then used as collateral across lending protocols.

“Bitcoin (BTC) Rejected at $79K Again, Breakout or Drop Next”

CryptoRank

The report says because those assets were widely integrated into DeFi, the impact quickly spread, with users rushing to withdraw funds amid fears of bad debt and contagion.

CoinDesk reports that DeFi TVL fell by $14 billion over the past two days, according to DefiLlama data, even as asset prices remained steady.

It adds that DeFi TVL dropped to about $85 billion, its lowest level in a year and roughly 50% below October peaks.

CoinDesk also says Aave, the largest lending protocol that was central in the exploit, saw around $10 billion in deposits withdrawn.

The report quotes David Shuttleworth from Anchorage Digital’s protocol team, saying, "There’s a tremendous risk-reward imbalance in DeFi," and it continues with his point that users will no longer accept the slightly higher (and sometimes lower) than risk-free rate they get by depositing in lending pools.

CoinDesk ties that shift to the "latest wave of exploits across protocols," framing the KelpDAO incident as part of a broader pattern.

Taken together, CoinDesk’s account portrays DeFi as facing a liquidity and confidence problem even while bitcoin’s spot price rebounds.

CoinDesk also brings in a separate thread about how bitcoin trades around political signals, saying Trump’s social media posts and statements to news reporters have triggered 5% to 12% swings in the price of bitcoin.

The report says that the sensitivity of bitcoin and other risk assets to President Trump’s social media posts and policy announcements has prompted concerns about potential market manipulation and insider trading.

@coindesk

It further states that lawmakers and experts have flagged a pattern of unusually well-timed trades around Trump-era tariff shifts, military moves and energy decisions, while also noting that the excerpt says "though no" in the continuation.

Even within that framing, CoinDesk’s earlier market narrative ties geopolitics to price direction, including the ceasefire timing and the Iran-flagged cargo ship seizure.

Jasper De Maere’s quote about genuine demand is presented alongside the claim that the current move appears less driven by leverage, which CoinDesk contrasts with earlier rallies this year.

The report’s combination of macro triggers and DeFi contagion risk sets up a market environment where both policy headlines and protocol exploits can move prices and capital flows.

In that context, the CoinDesk piece emphasizes that capital continues to concentrate in large-cap assets like bitcoin while riskier altcoins lag.

The same report’s focus on leverage and spot ETF inflows suggests that, at least in its telling, the market’s reaction is not uniform across crypto segments.

While CoinDesk emphasizes bitcoin’s rebound above $76,000, CryptoRank frames the near-term picture as technically capped, saying Bitcoin (BTC) stalled below $79,000 after another failed breakout attempt.

“Bitcoin bounces above $76,000 as DeFi suffers $14 billion exodus after KelpDAO hack Crypto steadied despite rising Iran tensions, but DeFi is reeling from one of the largest exploits of the year”

CoinDesk

CryptoRank’s headline asks whether bitcoin will break out or drop next, and it says the asset was repeatedly capped by a bear-market resistance band and showed ongoing selling pressure.

CoinDesk

The CryptoRank report also says that weekly MACD has a bullish crossover, but it adds that weakening demand and a second decline in the same zone raise renewed downside risk.

It cites $72,000 as a potential pivot level, and it describes the market as sitting in a key decision zone where support stability will determine traders’ positioning and short-term direction.

CryptoRank says Bitcoin remains capped below $79K as repeated rejections highlight strong technical resistance pressure, and it notes mixed signals where weakening demand contrasts with the bullish MACD crossover on the weekly chart.

It attributes part of the analysis to an analyst named Ardi, stating that in a post on X, analyst Ardi said the asset again peaked near the bear market resistance band.

CryptoRank also says it comes as the second decline within the same area, indicating ongoing selling as traders re-evaluate momentum for buying.

Taken together, CryptoRank’s technical framing contrasts with CoinDesk’s macro-and-demand narrative, even though both discuss bitcoin’s struggle around specific price levels.