Ethereum TVL holds at 53% as DeFi hacks trigger $298M+ losses

Ethereum’s TVL share remains at 53% even as major DeFi protocol hacks rise, keeping risk sentiment muted. The article links over $298 million in losses to security lapses in individual DeFi protocols—not to Ethereum or the EVM itself. On derivatives, professional positioning looks cautious but not decisively bearish. Perpetual futures funding stayed around 5% annualized (up from prior negative levels) and still sits below the neutral 6%–12% band. Options activity also shows put volumes lagging calls since May 4, suggesting large players and market makers have not fully flipped to a sell-down thesis. Ethereum’s TVL strength continues to underpin a key price narrative. The ecosystem share is still anchored by $11.6B in spot ETF volume, which the article frames as helping defend the roughly $2,200 support area. Security headlines include: - Kelp DAO’s rsETH bridge exploit via misleading middleware messages, enabling withdrawals above $290M (including funds from Aave and other lending venues). - Ekubo protocol loss of about $1.4M from an EVM v2 swap vulnerability. - TrustedVolumes software flaw causing about $6.7M losses. The market backdrop is also pressured by macro data (US April inflation at 3.8% y/y; a 0.5% drop in real average hourly earnings). Ethereum failing to reclaim $2,400 weakened short-term confidence, though the article notes no surge in leveraged shorts—often a sign that downside momentum is not fully established. Overall, Ethereum fundamentals look resilient, but traders should watch whether DeFi security headlines continue to worsen or ETF/TVL support absorbs the shock.