DeFi liquidity isn’t leaving
It’s rotating
$1B+ moved across DeFi pools in just 7 days
USDS on Spark: +$359M
USDT on Aave: -$264M
sUSDS on Sky: -$261M
If you only watch net flow, it looks bearish
But the bigger picture is different
Capital is moving between protocols, stablecoins and yield strategies
Meanwhile Solana just hit 888K daily active stablecoin addresses in September, up 269% YoY
The real DeFi signal isn’t TVL
Watch where the stablecoins are moving
Liquidity rotation could be the next narrative