Ethereum investment sentiment has shifted to negative territory as a massive $1.9 billion in USDe was burned within a single day, potentially indicating a quick reduction in leveraged positions.

USDe Burn and Market Conditions

A significant burn of USDe occurred, with $1.9 billion destroyed within a single 24-hour period.

This rapid deleveraging event resulted in approximately 13% of the circulating USDe being removed from supply.

Simultaneously, Ethereum’s funding rate became negative, indicating widespread liquidation activity.