Bitcoin (BTC) took the spotlight from the rest of the crypto market in 2024, but the Trump administration is quickly changing the rules of the game and a rotation into other assets could end up happening, according to crypto data firm Kaiko Research
In fact, the decentralized finance (DeFi) sector isn’t looking too bad, Kaiko research analysts Adam McCarthy and Dessislava Aubert wrote in a new report.
The company’s DeFi index (KSDEFI) has outpaced ether (ETH) since the instrument’s inception in October 2023, bringing in roughly 75% returns in that span of time. That’s remarkable considering that most of the protocols included in the index are built on Ethereum.
“This outperformance may persist into the latter half of 2025, as several assets within the index benefit from strong tailwinds,” the report said. “This trend highlights the decreasing correlation between the DeFi index and ETH over time, as the decentralized finance sector continues to expand beyond the Ethereum
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