Data: Since the "1011 crash," the market value of USDe has fallen from 14.7 billion USD to about 6.4 billion USD

According to Cointelegraph, a report by 10x Research shows that Ethena's synthetic stablecoin USDe has seen its market capitalization evaporate by about $8.3 billion since the market crash, dropping from $14.7 billion to its 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 was the largest liquidation event in the history of the crypto market, leading to over $19 billion in crypto positions being liquidated, with a total market capitalization evaporating by about $1.3 trillion, accounting for nearly 30% of the total market cap at the time. During this period, USDe also briefly depegged to around $0.65, but Ethena Labs founder Guy Young stated that this temporary depegging was due to an internal oracle issue at the exchange, 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 down about 50%. Bitcoin spot ETFs listed in the U.S. have seen a net outflow of about $5 billion since the end of October. Analysts point out that this weakness is more influenced by the withdrawal of regulatory capital rather than retail selling.