The haphazard price action caused over $200 million in liquidations of crypto-tracked futures, of which $150 million were longs, or bets, against higher prices.
Ethena's USDe "synthetic dollar" is independent from the traditional financial system and aims to offer a dollar-denominated, yield-bearing savings vehicle for investors outside of the U.S.
The bullish flow is reminiscent of the 2020-2021 bull market when traders consistently snapped up bitcoin calls at levels well above the going market rate.