$INJ $BTC $ETH — DeFi led the 4 Nov rebound, not Bitcoin alone.

On 4 Nov 2026, Bitcoin dipped to around $75,600 near 03:00 UTC, then recovered to about $78,300, up around 1.3% since midnight UTC (CoinDesk). Ether rose about 2% to $2,332.18. The wider CoinDesk 80 Index rose 2.3%.

What stood out was where the strength sat:

• CoinDesk's DeFi Select Index rose around 5%, with all seven of its members higher.

• Injective (INJ) led that group, up 6.2% to $7.6607 (CoinDesk).

• INJ traded in a 24-hour range of $7.01 to $7.68 on 4 Nov.

• Venice token (VVV) also led the CoinDesk 100 gainers, up around 7% since midnight UTC and around 17% over 24 hours.

The catch: sentiment did not turn bullish. The CoinMarketCap Fear & Greed Index stood at 37, still in fear territory, with its altcoin season index at 51.

And INJ's bounce came inside a weaker week — it was down 5.83% over the past seven days (TokenRadar, 4 Nov 08:00 UTC). That is why this reads as a rotation of leadership for one morning, not proof of a new trend.

Two neutral possibilities from here:

• If DeFi strength holds, broader participation could follow.

• If it fades, the market could fall back to watching Bitcoin and sentiment alone.

Takeaway: on 4 Nov, the rebound's leaders were DeFi tokens, while fear stayed in place. Leadership changed for a day; the mood did not.

Was DeFi leading a real shift, or just the strongest bounce in a fearful market?

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Not financial advice.