Felix
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For the first time in history, long and short positions are evenly matched; the sharp reduction in Ethena's size reveals the truth behind crypto deleveraging.
Ethena's deployed capital is at a multi-year low, only 71% of its 2025 low. This is not a criticism of Ethena, but rather a reflection of the current market situation. Directional bears are almost evenly matched with directional bulls, a highly unusual and historically unsustainable balance in the crypto space.
