Bitcoin Rebounds Above $76K as KelpDAO DeFi Hack Drains $292M

Bitcoin (BTC) rebounded above $76,000 after a sharp drop, rising about 2.4% over 24 hours. Despite cautious macro risk sentiment tied to renewed geopolitical tensions, analysts said the BTC move looks driven by real spot demand, supported by ongoing ETF inflows, not heavy leverage. Major peers tracked the strength: ETH, XRP and SOL followed higher, and the CoinDesk 20 rose about 1.7%. Crypto stocks were mixed, with Coinbase and MicroStrategy up while Circle and Bitmine fell. DeFi, however, deteriorated quickly after the KelpDAO hack. The attacker reportedly stole about $292M, then rapidly reused much of the value as collateral across lending protocols. That triggered withdrawals and contagion fears. DefiLlama data showed DeFi total value locked (TVL) fell roughly $14B in two days to around $85B—about a one-year low and nearly 50% below the October peak. Aave (AAVE) saw about $10B in deposits withdrawn. For traders, the BTC bounce may act as a short-term risk buffer. But ongoing DeFi drawdowns can tighten overall risk appetite, raise counterparty and liquidation concerns, and keep volatility elevated.