Detailed view on Ethena. USDe

We have here major metrics to understand the crowd behaviour through the lens of USDe holders The first and the third chart show some fundamental metrics, which are important to analyse to understand and manage expectations on how big the yield could be for you, if you decide to move to USDe. What is the most interesting, however, is the second chart. Here we can see two important patterns, which can be used to make a better call if we are around the top, or if we are building the bottom. 1. Blue bars. This is when the USDe holders decide to "unstake". That could be explained due to their expectations of "market will keep falling, means the yield on delta-neutral strategy will decline, and the risk of stkUSDe price to decline is increasing" 2. Red line That showed nicely the expectations of "market will pump" (it didn't - it dumped). This can be seen by the massive increase in supply. Fundamentally it's good - however, after the price peaked and decreased before, not a good sign from the behaviour point of view.