Ethena halved its assets when TVL suddenly dropped to 6.5 billion USD.

The famous DeFi platform Ethena$ENA is facing a severe cash flow crisis as assets are being withdrawn en masse.

📉 TVL Halved

Since October 11, Ethena's TVL has plummeted from a peak of 14.305 billion USD to only 6.551 billion USD.

Thus, this protocol has lost more than 50% of its value in just over 2 months.

💸 The main cause is the pressure from sell-offs/returns of the stablecoin USDe.

More than 8 billion USD has been withdrawn since October.

October alone recorded the largest net withdrawal in history, reaching over 5 billion USD.

A warning about the surge in withdrawals stands upright and completely overwhelms the cash flow in the late stages of 2025.

This article is for reference only and is not investment advice. Please read and consider carefully before making any decisions.