DeFi TVL dropped from 180 billion to 70 billion, Botanix has shut down, Richard Green is now betting on institutional funding and mining companies— is he looking for a new narrative or admitting that retail markets are no longer viable?

Rootstock Labs’ institutional and ecosystem head Richard Green said that, as DeFi liquidity continues to shrink, Bitcoin DeFi projects have been forced to adjust their development strategies. Data shows that the total value locked in DeFi protocols has fallen from about $180 billion in October last year to about $70 billion. Rootstock is shifting its focus to specific groups such as Bitcoin mining companies, reserve firms, and long-term holders, launching Bitcoin-collateralized loans and yield products. Although Botanix shut down its network due to insufficient demand, Green believes there is still demand for BTCFi—just concentrated in deeper niche markets such as mining company financing and institutional investors’ Bitcoin tokenization funds.