According to crypto analyst Aunt Ai @ai_9684 xtpa, the top 36 investors who increased their HYPE holdings yesterday made another move today, withdrawing 3 million ENA from Binance an hour ago, worth approximately $1.32 million. This was also the first time the address had built an ENA position.
ENA has fallen by nearly 20% in the past seven days. This address may be betting that the price of the currency will rebound driven by Ethena-related businesses.
According to official news from Odaily Planet Daily, USDtb's smart contracts have officially migrated to Anchorage Digital today. This migration marks the completion of the stablecoin's "localization" compliance process, making it a compliant stablecoin issued under the US federal regulatory framework under the GENIUS Act.
Odaily Planet Daily reports that benmo.eth reviewed the October 11th USDe depegging event from the perspective of lending and leveraged trading. He noted that Binance offered three high-leverage products during the event: VIP Loans, Easy Deposit and Loan, and Margin Trading. The leveraged trading sector was the hardest hit. Due to the real-time liquidation mechanism triggering a chain reaction, users of 5x revolving loans lost nearly all of their principal, becoming the primary battlefield of the depegging event.
The article analyzed that the fuse of the incident was the market plunge caused by macro news, which in turn triggered the liquidation of BTC and ETH leveraged positions, resulting in a large amount of USDe being sold; and Binance's ETH hot wallet automatically stopped withdrawals when the Gas was too high, making USDe unable to be redeemed (redeem) on the chain, the arbitrage channel was blocked, and the price fell all the way to US$0.66.
Benmo.eth pointed out that Binance's compensation announcement clearly identified the price anomaly between 5:36 and 6:16 (ET) as non-market behavior, and compensation has already been initiated. He suggested improving redemption efficiency through an on-site mint-redeem mechanism or adjusting multi-sig limits to prevent similar incidents from happening again.
According to Odaily Planet Daily, OKX CEO Star stated in a post on the X platform that Ethena Labs excels in portfolio and risk management, and its transparency should set an industry benchmark. OKX has already listed the ENA token and may support USDe in the future. It is also one of Ethena's early angel investors.
Star pointed out that the market should not regard USDe as a 1:1 anchored stablecoin. Its essence is a tokenized hedge fund that usually adopts relatively low-risk strategies such as delta-neutral basis trading or money market investment, but there are still inherent risks, including automatic deleveraging (ADL), exchange failures and custody security vulnerabilities.
He emphasized that labeling USDe as a "stablecoin" or calling its price fluctuations "depegging" is misleading. USDe was not originally designed to maintain a fixed peg to the US dollar. If exchanges plan to include it in their collateralization system, they must establish a comprehensive and dynamic risk control mechanism.
According to Onchain Lens, a wallet linked to 1kx co-founder Christopher Heymann (@HeyoChristopher) deposited 2 million USDC into Hyperliquid and reopened a long position in ENA with 10x leverage. Previously, this address had deposited $4.22 million into Hyperliquid, but this was liquidated during the recent market downturn.
