Major decentralized finance (DeFi) tokens Yearn.finance (YFI), AAVE and Compound (COMP) plunged steeply in the last 24 hours. The three DeFi tokens, which are valued well over $500 million, declined by over 10% on the day.
Three reasons why DeFi-related cryptocurrencies pulled back particularly hard are low volume, the declining Ether (ETH) price, and the uncertainty around Bitcoin (BTC).