Капитализация USDe от Ethena обрушилась на фоне резкого делевериджинга и падения объемов торговли Translation: Capitalization of USDe from Ethena plummets amid sharp deleveraging and drop in trading volumes

Following the «Black Saturday», the supply of the synthetic dollar USDe from Ethena experienced a decline of over $8 billion.

As of October 9, the estimated supply of the stablecoin was around $14.7 billion. Over the course of more than two months, this figure has dropped to $6.3 billion.

The graph below demonstrates a significant trend of redemptions surpassing the issuance of USDe in recent months:

The asset ranks 27th in market capitalization, placing it fourth among the largest «stablecoins».

The annual yield for USDe is far from previous levels, standing at only 4.3%.

In its analytical report, 10x Research describes the October crash as a pivotal moment: the bullish phase abruptly transitioned to deleveraging. This sharp correction has erased approximately 30% ($1.3 trillion) of the total cryptocurrency market capitalization.

«In this instance, the fragile interplay between Binance, Ethena, and Hyperliquid was disrupted on October 10. This derailed the momentum, and unlike previous pullbacks, the market was unable to recover,» noted 10x Research.

Analysts have observed that following the crash, the overall trading volume of crypto assets has decreased by roughly 50%. This serves as a «clear signal» that many traders and market makers have adopted a wait-and-see approach.

«Together, these factors indicate a gradual reduction of risk exposure by institutional investors in the U.S.,» the experts added.

Overall, the company believes that the current stagnation is not due to a capitulation of speculators, but rather a «deliberate reduction of positions by regulated capital.»

It’s worth noting that The Block analysts have linked the decline in demand for USDe to the closure of leveraged strategies in DeFi protocols such as Aave.