How Investors Stockpiled Stellar (XLM) Despite Falling Prices in October
Despite XLM's price decline in October, on-chain data shows investors accumulated tokens, evidenced by record DeFi TVL and large Binance withdrawals.Summary
Despite a 50% price drop since December, investors demonstrated long-term conviction in Stellar (XLM) during October. This is supported by on-chain data showing the Total Value Locked (TVL) on the Stellar chain hitting an all-time high of over 456 million XLM across DeFi protocols, and a significant outflow of over 240 million XLM from Binance wallets. These movements suggest tokens were moved off exchanges for long-term storage or DeFi deployment. However, the market sentiment remains bearish in the short term, as indicated by negative funding rates for XLM futures contracts. Nevertheless, some investors see the sub-$0.20 price as an attractive entry point before a potential bull run, supported by recent network upgrades like Protocol 24 and a 26.3% rise in Real-World Asset (RWA) value on Stellar to $638 million.
(Source：BeInCrypto)