Since late May, the quantity of Bitcoins stored on controlled exchanges has steadily decreased, with around 2,000 BTC leaving each day. The amount of Bitcoin held on centralised exchanges has dropped to levels not seen since April. Over the last fortnight, drop in exchange reserves appears to have corresponded with an increase in capital flows to decentralised finance protocols. The total value locked has risen by 21% since June 26th, from $92 billion to $111 billion.