According to ChainCatcher news and a report from 10x Research, the market value of Ethena's synthetic stablecoin USDe has evaporated by approximately $8.3 billion since the market crash, dropping from $14.7 billion to the current approximately $6.4 billion, nearly halving. This plunge reflects a sharp decline in investor confidence in leveraged and synthetic collateral models.
The market crash is the largest liquidation event in the history of the crypto market, resulting in over $19 billion in crypto positions being liquidated, with a total market value evaporating by approximately $1.3 trillion, accounting for nearly 30% of the total market value at the time. During this period, USDe briefly depegged to around $0.65, but Guy Young, the founder of Ethena Labs, stated that this temporary depegging was caused by an internal oracle issue at the exchange and was not a problem with the protocol or collateral assets. Currently, the price of USDe has recovered to $0.9987, but market activity remains sluggish, with trading volume decreasing by about 50%. Since the end of October, Bitcoin spot ETFs listed in the U.S. have seen a net outflow of about $5 billion. Analysts point out that this weakness is more influenced by the withdrawal of regulatory capital rather than retail selling.
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