Crypto KOL: The market crash may be due to the combined impact of USDe revolving loans, the doubling of margin leverage, and Trump's trade war, causing heavy losses for market makers.

According to Odaily Planet Daily, crypto influencer Hanba Longwang posted on the X platform that the market crash may be due to the 12% subsidy on USDe, which led many market users to engage in USDe revolving loans. Due to the impact of Trump's trade war, USDe was hit by a premium, leading to the liquidation of USDe revolving loans and further declines in USDe. Furthermore, some whales and market makers used USDe as margin in contracts. Due to the USDe depegging discount, their leverage inexplicably doubled, ultimately causing even a 1x long position to be liquidated. This further triggered a chain reaction, causing the prices of small copycat contracts to plummet, and USDe to plummet or even double, ultimately causing heavy losses for market makers.