Cena Ethena USDeUSDe

This is not a bear market in the classical sense. We are seeing a forced liquidation of a market maker who took a proper hit on 10.10.2025. It seems to be about the decoupling of USDe on Binance.

📊 Sentora: Even stablecoins are feeling the pressure in the current market, with only #USDT, #USDC, and #PYUSD posting growth over the past month among top stables. Ethena’s #USDe stands out, with its market cap dropping by more than 35% over the same period. #stablecoin

Bitget’s Key Insights on the Market (Especially ETH) 1. Macro & Monetary Headwinds Are Driving Sentiment Bitget points out that uncertainty around the U.S. Federal Reserve’s policy is a major factor in the current risk-off mood. There’s skepticism about more rate cuts soon. Bitget argues the “higher for longer” interest rate scenario is draining liquidity from risky assets. This outlook is making traders more defensive — locking in profits, shifting to stablecoins, or waiting on the sidelines. 2. Institutional Reallocation & ETF Flows Are Changing Bitget notes significant outflows from risk assets: institutions are reducing exposure, which is adding downward pressure. At the same time, stablecoins (USDT, USDC, USDe) are seeing increasing demand. That suggests some capital is being parked temporarily, possibly to re-enter later. On-chain data referenced by Bitget shows long-term ETH holders are distributing—some are taking profit, others positioning more defensively. 3. Liquidity Risk for Ethereum Bitget’s commentary highlights that Ethereum has broken below key technical support (around $3,100), which they see as a dangerous sign for short-term ETH price stability. They warn that if ETH fails to hold $3,000 (or similar lower support), the downside risk could deepen, potentially dragging ETH toward weaker zones like ~$2,800. According to Bitget, recovery attempts so far lack strong volume — which could mean weak conviction from buyers. 4. Risk-On Setting Could Return, But Depends on Macro Signals Bitget outlines three possible scenarios (for November 2025): 1. Recovery: If Fed turns dovish or liquidity improves, BTC could re-test $116K–$120K, and ETH could rally. 2. Range-Bound Market: The base-case according to Bitget — consolidation between certain levels while traders wait for clearer macro direction. 3. Deeper Pullback: If macro risks intensify, Bitcoin could retest $100K, which would likely drag altcoins lower. They emphasize watching key macro triggers: upcoming Fed statements, stablecoin flows, and institutional reallocation will be very important. 5. Long-Term Structural Strength Remains Despite short-term bearishness, Bitget argues this isn’t necessarily the end of the bull cycle. They believe long-term adoption (especially in regions like Asia and the Middle East) continues to build, which could support renewed crypto growth later. On Ethereum specifically, some of the selloff may represent a reset rather than a full breakdown — depending on whether macro conditions improve. 6. Bitget Exchange Strength Beyond market outlook, it’s worth noting Bitget itself is seeing very strong activity: per CoinDesk, Bitget averages $750 billion in monthly derivatives volume. They are also ranked #1 in spot liquidity for ETH and SOL, which makes them a strategically significant exchange for large ETH traders. This liquidity strength gives Bitget a good pulse on institutional and leveraged ETH flows, making their insights particularly relevant for ETH market trends. 7. What Their CEO Is Saying Bitget’s CEO, Gracy Chen, previously warned that the bear market could last until September–October 2025. He suggests that in this extended bear phase, defensive assets like stablecoins or tokenized gold could outperform – serving as hedges for risk-averse investors. He also underscores the importance of regulatory clarity and state-level adoption, saying these are long-term structural supports for crypto (including ETH). --- Implications of Bitget’s Insight for Ethereum The upside for ETH depends heavily on macro risk turning more favorable (e.g., dovish Fed comments, more liquidity). Ethereum breaking below support is a red flag: if key levels like ~$3,000 fail, further downside could be in play. However, Bitget’s view suggests the current weakness could be a healthy reset rather than a full-blown crash — particularly if institutional flows stabilize. For long-term ETH investors, the pullback might represent an opportunity — but short-term traders need to closely watch macro data, ETF flows, and on-chain metrics. Given Bitget’s own strong ETH liquidity, their data and sentiment are especially relevant: they can detect where big money is flowing, which could give early clues for a rebound.

RT @Dune: 1/ Dune Digest #32 is live. This week’s highlights: • @ethena_labs’s USDe depeg on @binance • @arbitrum crosses $1B in RWA with…

RT @Dune: 1/ Dune Digest #32 is live. This week’s highlights: • @ethena_labs’s USDe depeg on @binance • @arbitrum crosses $1B in RWA with…