Ethena’s total value locked (TVL) dropped from $14.3 billion to $6.55 billion, a decline exceeding 50%, primarily due to massive withdrawals from the USDe stablecoin. Since October, USDe experienced over $8 billion in net redemptions, according to Entropy Advisors’ data. The '1011' event appears to be a critical turning point impacting Ethena’s liquidity and investor confidence.