‘What Does Ethena’s Trend Reveal About the Crypto Market?’ (Author: Kyle Soska, Translated by: Block Unicorn) Ethena’s deployed capital has dropped to a multi-year low, only 71% of the 2025 low, reflecting extremely weak net long demand in the crypto market. Directional long and short positions are almost balanced, a rare equilibrium that is historically unsustainable in crypto derivatives. Perpetual contracts, as the hub of leveraged trading, show relatively stable open interest, but funding rates have been negative for an extended period, indicating increased demand for hedging and shorting. Ethena’s basis trading has shrunk by over 60% since February 8, dropping from over $2 billion to less than $800 million. This is mainly due to the gradual closing of profitable but unsustainable basis positions, as well as directional shorts and hedging activities squeezing its space. Read the full article: https://www.(wublock123.com)/index.php?m=content&c=index&a=show&catid=47&id=57873