«Синтетический доллар USDe от Ethena теряет более $8 млрд, указывая на изменения в рынке криптовалют» Headline: Synthetic dollar USDe from Ethena loses over $8 billion, signaling shifts in the cryptocurrency market.

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

As of October 9, the supply of the stablecoin was estimated to be around $14.7 billion. In just over two months, this figure plummeted to $6.3 billion.

The graph below depicts a significant trend of redemptions outpacing the issuance of USDe in recent months:

The asset holds the 27th position in market capitalization rankings, currently ranked fourth among the largest «stablecoins.»

The annual yield of USDe has drastically decreased from previous levels, now reported at only 4.3%.

In a report by 10x Research, the October crash is identified as a pivotal moment: a bullish phase transitioned abruptly into deleveraging. This sharp correction wiped out about 30% ($1.3 trillion) of the total cryptocurrency market cap.

«It was on October 10 that the fragile dynamics between Binance, Ethena, and Hyperliquid were disrupted. This interrupted momentum, and unlike previous pullbacks, the market failed to recover,» noted 10x Research.

Analyst observations indicate that total trading volume in crypto-assets dropped by approximately 50% following the crash. This serves as a «clear signal» that many traders and market makers have adopted a wait-and-see approach.

«Collectively, these factors point towards a systematic reduction in risk exposure by U.S. institutional investors,» the experts added.

Overall, the firm is convinced that the current stagnation is not due to traders’ capitulation, but rather a «deliberate reduction of positions by regulated capital.»

It is worth noting that analysts from The Block linked the decline in demand for USDe to the closure of leveraged strategies in DeFi protocols like Aave.