A significant drop in Total Value Locked of Ethena has been observed after the peak in October.
According to data from PANews and unfolded, Ethena's TVL was 14.98 billion dollars on October 3, 2025, which has now plummeted by over 55 percent to 6.63 billion dollars.
This drop signals that users and capital are leaving the Ethena protocol, indicating pressure on trust and demand.
Such a strong drop in TVL is considered a negative indicator for the DeFi sector and increases risk for the project in the short term.
Market Signal: Bearish
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ENA
0.1975
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