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Yearn.finance (YFI) and other DeFi coins capitulated on Thursday after a 70% correction. Most coins pertaining to this space lost 10-20% in the span of a single day, plunging as Bitcoin sucked all the air out of the room.

At the lows, YFI was down some 80% from its $44,000 all-time high, set just two months ago. It was one of the worst-performing DeFi large caps, presumably due to the amount of short selling that took place.

YFI is bouncing back, though, at long last. The Yearn.finance : Here’s Why Ethereum’s DeFi Market May Be Near A Bottom

Yearn.finance (YFI) Explodes Higher

YFI is exploding higher after a brutal correction. The Tyler Winklevoss: A “Tsunami” of Capital Is Coming For Bitcoin

DeFi Bottom Not In?

Not everyone is convinced that the DeFi bottom is in, though.

Qiao Wang, a prominent analyst that has been following DeFi for a while, said:

“I constantly update my views and unfortunately it looks like there’s going to be more pain in DeFi. Originally I thought we won’t see a 80-90% crash which is typical of alts because of the level of sophistication of DeFi investors but that thesis is being invalidated.”

This has been echoed by other players in the space, who note that Bitcoin is likely to explode higher and leave altcoins behind for the time being. The leading cryptocurrency’s rally has focused all attention and capital away from altcoins.

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Yearn.finance (YFI) Rips $2,500 Higher After Brutal 80% Correction

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