The reason for the crash is basically confirmed to be USDe, which has been laid out for more than a year, known as the LUNA2.0 event.
I don't know what the relationship is between the exchanges and USDe, but I only know that the exchanges are willing to offer more leverage to institutions on this currency.
Institutions unanimously feel that earning these "stable" interests is more stable than the daredevil tactics of licking blood off a knife's edge. They are all worried about a world-class bubble, so no bold institution dares to step up and pump the price, which is also the reason why altcoins are not bullish.
But unfortunately, in order to seize the market value of stablecoins, ENA will inevitably flood the market and even resort to high leverage to attract funds to boost the market value of USDe. The stable interest combined with high leverage quickly becomes very attractive, but ultimately, because it is leveraged, being left behind is also to be expected.
After each lightening of the market, it is highly likely to move upwards, because at this time, the funds that were liquidated find it difficult to gather enough principal to re-enter the market.
But it is uncertain how long this time window will last, so be extra cautious about the risks.
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