The impact of DeFi isn't showing up that quickly, but it's not nonexistent. Quite a few whales are already slowly pulling their funds out. Right now, aside from buying $BTC, what else can retain big capital or attract big capital? Even the most stubborn people have lost that youthful drive, honestly... $BTC has become just another piece in the IGV puzzle. The reason it hasn't dropped further is because funds have shifted to IGV. $ETH used to be strongly correlated with the Russell 2000, and now the 2000 has hit a new high. No one can really explain why, but the funds have spoken.