Report: The concentration of the DeFi treasury market is significant, with the top 5 managers controlling 69% of the funds

Vaults.fyi released the report "2026 DeFi Custody Market Status," covering 856 vaults, 131 custodians, and 18 protocols, with a total locked value of approximately $11.29 billion. Over the past year, the TVL on the supply side of DeFi decreased by 41.8%, while the TVL of custody vaults grew by 39%, increasing market share from 5.24% to 12.51%. The top 5 custodians manage 69% of the funds, and the top 10 account for 79.1%. The leading landscape has changed dramatically, with Sentora and Concrete not making the list a year ago, now ranking second and fourth, respectively, while Usual dropped from fourth to thirty-fourth.

Morpho ranks first among protocols with a custody TVL of 46.2%, with the remaining 53.8% distributed across the other 17 protocols. Bitcoin collateral accounts for 54.1% of Morpho's top 25 stablecoin vaults (approximately $3.71 billion). In terms of address concentration, weighted by TVL, a single address holds an average of 47% of vault shares, with the top ten addresses collectively controlling 74%. About 33% of the custody funds require a multi-step redemption process, with a 7-day annualized yield median of 4.82%, which is 98 basis points higher than instant redemption vaults.

The report also points out that traditional financial institutions such as Société Générale, Apollo, and JPMorgan have begun to deploy custody vault strategies.