Core Insights - Ethena's price increased by 8% to $0.44 on October 17, standing out in a declining crypto market where Bitcoin and Ethereum faced significant drops [1] - The rise in Ethena's price follows a recovery from a de-peg event of its stablecoin USDe, which had previously dropped to $0.65 during a $19 billion liquidation event [2][3] - Ethena's market capitalization is currently at $3.14 billion, placing it among the top 50 cryptocurrencies by valuation [6] Market Context - The broader crypto market experienced a crash, with Bitcoin and Ethereum briefly losing key support levels of $104,000 and $3,700 respectively [1] - A significant liquidation event on October 10 led to a 50% drop in ENA price from $0.56 to $0.34 [2] - Despite the market turmoil, USDe managed to maintain its peg during subsequent $1.2 billion liquidations [4] Company Developments - Ethena announced an expansion of its Stablecoin-as-a-Service (SaaS) product suite to Conduit, enabling projects to launch their own stablecoins [5] - Conduit supports 55% of Ethereum's active rollups and manages over $4 billion in total value locked across various applications [6] - Trading volume for Ethena surged by 60.5% to $627.9 million, indicating renewed interest from large investors as concerns over USDe's de-peg eased [6]

Core Insights - The liquidation wave during the market meltdown on October 10 is estimated to be between $300 billion to $400 billion, significantly higher than the reported $19 billion [1][3][4] - The event is described as the largest liquidation in crypto history, with 1.6 million traders affected and a liquidation ratio of long positions to shorts at 7:1 [3][4] Group 1: Market Analysis - Crypto analyst Kelly Kellam suggested that the true scale of the crash could be as high as $400 billion, questioning the reliability of the "trustless – transparent" narrative in the crypto space [1] - An automated analytics account claimed that Binance's API throttling led to major underreporting of liquidations, capturing only 5% of actual events during the crash [2][3] - The Kobeissi Letter highlighted that the October 10 event was nine times larger than the previous record for liquidations in the crypto market [4] Group 2: Market Dynamics - The analysis indicated that Bitcoin experienced a $20,000 daily candlestick, resulting in a $380 billion swing in market capitalization, surpassing the valuations of many Fortune 500 companies [4] - Timeline analysis revealed that significant selling began before external events, with whale short positions emerging shortly before the market bottom, indicating a pattern of heavy leverage and cascading liquidations [5] Group 3: Data Discrepancies - Experts noted that the reported $19 billion figure likely only reflects on-exchange tracked derivatives data, failing to account for broader deleveraging effects in the market [7]

🔥BREAKING🔥$335,000,000 LIQUIDATED FROM THE #CRYPTO MARKET IN THE PAST 60 MINUTES AFTER ISRAEL LAUNCHES STRIKES ON IRAN. https://t.co/M8RkrnihiM ...