DeFi Tokens Plunge 10%-20%, Led by Pendle Amid Weak Crypto Price Action This Week

The DeFi sector’s struggle coincided with a period of lull in the crypto market, with bitcoin (BTC) and DeFi hotbed ether (ETH) consolidating range-bound below their March peaks. ETH, the second largest crypto asset, is down about 6% from its Monday highs and has erased most of its gains since odds for regulatory approval for U.S. spot ETFs jumped overnight in late May.