2025-12-25 03:21:47

The wave of crashes in October caused chaos across the entire market, and Ethena directly became one of the most heavily impacted projects. In just one month, TVL dropped from $14.8 billion to $7.4 billion, a direct halving. The culprit behind this is pointed to one thing—USDe being疯狂ly redeemed by investors.

In October alone, $5.7 billion was withdrawn from USDe. Looking back over the past two months, the total outflow has approached $8 billion. Such a large-scale sell-off was triggered by the liquidation wave, and USDe once again decoupled from a major exchange, directly shattering market confidence. Compared to other stablecoins with similar yields, USDe's loss of funds is clearly the fastest.

Money didn't disappear out of thin air; it just moved elsewhere. In the past 90 days, competitors like sUSDS and syrupUSDC have been continuously attracting new funds. To put it plainly—when risk appears, funds immediately turn and leave.

Ethena's native token ENA also didn't escape unscathed. After this round of liquidation, ENA has fallen from its high point, with a Q4 decline of 62%, and even briefly broke below $0.2. Trading volume also hit a new all-time low, indicating that market participation is rapidly shrinking, and investor enthusiasm has cooled to freezing point.

ENA3.56%

USDE0.03%

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MetaverseVagabond

· 4h ago

Wow, 7.4 billion? Just a few days and it’s halved, ENA breaking below 0.2 is truly incredible... --- Funds have moved to sUSDS, can this game still be played... --- Ethena really couldn’t hold on this time, the decoupling directly shattered confidence --- Withdrawing 5.7 billion in a month? That’s terrifying, everyone --- So only the brave still dare to touch USDe now --- ENA trading volume hit a new all-time low, the market has already given up --- Money has shifted to syrupUSDC, this choice is just too obvious... --- This wave of liquidations really pressed Ethena into the ground and rubbed it in

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ChainSherlockGirl

· 4h ago

57 billion withdrawals within a month? I need to check the on-chain data for this pace, there must be whales operating in secret. The game was over the moment USDe decoupled; the money didn't disappear, it just flowed into sUSDS. That quick turnaround is truly a real-life "I'm not with you anymore." When ENA dropped to 0.2 and broke support, I was thinking, how many large orders must have been smashed? The record low trading volume indicates no one is willing to take the other side anymore. The 14.8 billion cut in half to 7.4 billion sounds like torture, but it's actually the result of big players knowing in advance and fleeing early. This wave of liquidations is really a sieve; after filtering, the true liquidity of stablecoins has been exposed.

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MysteryBoxAddict

· 5h ago

A cut isn't enough, now there's not even a pulse. Ethena is truly doomed this time. I knew it was over the moment USDe decoupled. Once confidence is shattered, it can never be glued back. All the funds have moved to sUSDS. This is the reality—no one is here to lose money with you. When ENA broke below 0.2, I wondered—does anyone dare to buy the dip? The trading volume hitting a new low is even more devastating. During the liquidation wave in October, small coins simply couldn't survive. Survival is the top priority, right?

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fork_in_the_road

· 5h ago

Ethena was directly crushed this time. I knew it was over the moment USDT decoupled. Funds had already moved to sUSDS long ago. Human psychology is the most genuine. Once confidence is shattered, money runs faster than you. No one dares to buy the dip when ENA drops 62%. Withdrawing 5.7 billion in one month—how desperate must one be to be so decisive? Honestly, it still comes down to fundamentals. Once a stablecoin decouples, it's very hard to get back up.

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GasFeeCrier

· 5h ago

USDe has been directly crushed to the bottom layer this time. The 8 billion runaway is truly unbelievable... Funds are all rushing into sUSDS and syrupUSDC. I knew it was over when ENA broke below 0.2.

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TrustlessMaximalist

· 5h ago

Laughing out loud, 14.8 billion directly halved to 7.4 billion, this is what they call a "stable" coin. --- The moment USDe decoupled, I knew it was over; funds fled faster than rabbits. --- Outflow of 8 billion USD... all the money flowed into sUSDS, truly when risk arrives, everyone runs. --- ENA dropped 62% and hit a new historical low in trading volume. Isn't that a signal to exit? --- I’ve said it before, stable yield coins are all about face; once the face darkens, it crashes immediately. --- A 50% cut in TVL just shows that users simply don’t trust anymore. --- Interestingly, those competing products are actually profiting from it; that’s what market choice looks like. --- Who would have thought that ENA, which broke below $0.2, would happen... --- That wave of liquidations in October was like a mirror that exposed all the water content. --- Funds are fleeing to sUSDS and syrupUSDC, which is a blatant betrayal.

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DeadTrades_Walking

· 5h ago

When will ENA rebound? If we keep holding it like this, it will eventually cool off.

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