[USDe Market Cap Drops to Approximately $6.4 Billion Following Trust Crisis and October Crash] According to a report by 10x Research, Ethena's synthetic stablecoin USDe has seen its market cap evaporate by approximately $8.3 billion since the market crash on October 10, dropping from $14.7 billion on October 9 to the current level of around $6.4 billion, nearly halving in value. The October 10 market crash was the largest liquidation event in the history of the crypto market, resulting in over $19 billion in crypto positions being liquidated and a total market cap loss of approximately $1.3 trillion, accounting for nearly 30% of the total market cap at the time. During this period, USDe briefly depegged to around $0.65. Ethena Labs founder Guy Young stated that this temporary depegging was caused by an internal oracle issue at the exchange and not due to problems 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 approximately 50%. Additionally, U.S.-listed Bitcoin spot ETFs have seen net outflows of about $5 billion since the end of October. Analysts point out that this is primarily due to the withdrawal of institutional capital rather than retail sell-offs.