Ethena's synthetic stablecoin USDe has seen its market capitalization drop from $14.7 billion to approximately $6.4 billion since the October 10 market crash, according to a report by 10x Research. This decline of $8.3 billion highlights a significant loss of investor confidence in leveraged and synthetic collateralized models. The crash, the largest liquidation event in crypto history, led to over $19 billion in liquidations and a $1.3 trillion reduction in market capitalization. During the crash, USDe briefly de-pegged to $0.65, attributed to an exchange oracle issue rather than protocol flaws, according to Ethena Labs founder Guy Young. Although USDe's price has rebounded to $0.9987, trading volumes remain subdued, down 50%. Additionally, US-listed Bitcoin spot ETFs have seen net outflows of about $5 billion since October, driven more by regulatory capital withdrawal than retail selling.