（来源：吴说） Ethena 的合成稳定币 USDe 自 10 月以来的 TVL 已从 148 亿美元回落至 76 亿美元，跌幅超过 50%，主 要受 Aave 等借贷协议上高杠杆循环策略集中平仓所推动。随着永续合约资金费率下行，USDe 的年化 收益降至约 5.1%，已低于 Aave 上约 5.4% 的 USDC 借贷成本，导致此前依靠 sUSDe 反复质押、实现 10 倍以上杠杆以获取息差的 carry 交易不再具备正收益并快速出清。（The Block） 来源：市场资讯 ...

Core Insights - The event on October 11, 2025, marked a significant crash in the cryptocurrency market, with Bitcoin plummeting from $122,000 to around $102,000, and altcoins experiencing declines of 70-80% [1][3] - The total liquidation amount reached an unprecedented $19.3 billion within 24 hours, affecting over 1.66 million traders, surpassing previous market crashes [3][4] - The crisis was triggered by a tweet from former President Trump regarding new tariffs on Chinese imports, which escalated fears in global financial markets [4][21] Market Dynamics - The liquidation breakdown showed that long positions accounted for nearly 90% of the total liquidations, with Bitcoin and Ethereum being the hardest hit [7][21] - The market experienced a "death spiral" in liquidity for many altcoins, as market makers prioritized liquidity for major assets, leaving smaller tokens vulnerable [8][21] - The decentralized finance (DeFi) sector faced significant stress, particularly with the synthetic stablecoin USDe, which temporarily decoupled from the dollar [12][14] Internal Factors - The excessive leverage in the market was a critical internal factor, with nearly $18.21 billion in long positions liquidated, revealing the risks accumulated during bullish trends [7][21] - Market makers faced challenges in maintaining liquidity for smaller tokens during extreme market conditions, leading to rapid price declines [8][21] - The incident highlighted systemic issues within the DeFi protocols, as the collapse of collateral values triggered a chain reaction of liquidations [14][21] Human Behavior - The event illustrated the role of human psychology, with fear and greed driving both retail and institutional traders to make impulsive decisions [21] - Speculation arose regarding potential insider trading, as significant short positions were opened shortly before the market crash [16][21] - The aftermath of the crash created opportunities for some traders to profit from the volatility, indicating a wealth transfer amidst the chaos [12][20]