Why are you confused about the defi bubble? The fact is that today the exchange volume on the decentralized financial exchange has reached 900 million dollars. This amount proves that Defi has not lost its prestige.
I thought that if it's not included with the total amounts that are still getting locked on the defi platforms. IMO if these amounts can't be taken as a reason to determine whether the defi has lost its demand or not. Remember that even there are lots of volume in the market didn't always mean good for the price. I just take YFI as an example and how it was going down so much from 45k to the 12k just in two weeks.
There must be a better reason than it but I do agree if defi is still holding the trend,