PANews reported on December 23 that, according to a report by 10x Research, Ethena's synthetic stablecoin USDe has lost approximately $8.3 billion in market capitalization since the market crash on October 10, falling from $14.7 billion on October 9 to approximately $6.4 billion currently, almost halving. This plunge reflects a sharp decline in investor confidence in leveraged and synthetic collateralized models.

The market crash on October 10th was the largest liquidation event in the history of the crypto market, resulting in the liquidation of over $19 billion in crypto positions and wiping out approximately $1.3 trillion in market capitalization, representing nearly 30% of the total market capitalization at the time. During the crash, USDe briefly de-pegged to approximately $0.65, but Guy Young, founder of Ethena Labs, stated that this temporary de-pegging was due to an issue with the exchange's internal oracle, not a problem with the protocol or collateral assets.

Currently, the USDe price has recovered to $0.9987, but market activity remains weak, with trading volume down by about 50%, and US-listed Bitcoin spot ETFs experiencing net outflows of approximately $5 billion since the end of October. Analysts point out that this weakness is more due to the withdrawal of regulatory capital than retail selling.