Following the market crash on October 10, 2025, Ethena’s total locked value fell from 14.8 billion USD to 7.4 billion USD. USDe faced 8 billion USD in outflows, with 5.7 billion USD redeemed in October alone.
Despite ENA’s price plummeting 62% to below 0.2 USD, some traders viewed this dip as an opportunity for investment. Arthur Hayes, founder of BitMEX, converted his ETH into ENA, reflecting possible confidence in recovery.
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