DeFi is losing capital. And the stablecoin data makes it harder to dismiss as just a price correction. Total DeFi TVL is hovering around $78B, down roughly 4–5% over the past week. Meanwhile, stablecoin supply has fallen 1.6% in seven days, with DEX volumes also declining around 10%. There’s an important distinction here. TVL can fall simply because collateral prices drop. But shrinking stablecoin supply suggests liquidity itself is contracting too. I’m watching whether fresh capital returns before getting excited about another DeFi recovery. Are we seeing a temporary reset or a broader liquidity problem?