Ethereum’s DeFi TVL is dropping and spot liquidity is thinning, signaling short-term risk-off pressure. Staking flows and long-term holders are locking ETH, keeping conviction strong and providing a floor under price. Over the past week, stablecoins circulating on Ethereum dropped $3.76 billion from a $161 billion peak. That lines up with ETH taking a 9.77% hit over the week, showing classic risk-off behavior.