Bitget App
Trade smarter
Open
HomepageSign up
Bitget>
News>
Su Zhu: The emergence of Ethena may make ETH retrace deeper and rebound faster

Su Zhu: The emergence of Ethena may make ETH retrace deeper and rebound faster

Cointime2024/03/19 09:05
By: Cointime
ETH-2.89%XOLDTOKEN0.00%

Su Zhu stated on X platform that Ethena has created an interesting dynamic. Normally, if people choose to hold spot positions and short contracts to arbitrage funding rates, when the rates return to neutral, they may start covering contracts and going long again. However, due to Ethena's existence, some positions have now been pledged and converted into USDe (referring to some spot and futures short positions that have been collateralized and minted into USDe through a combination). This may mean that ETH will experience deeper retracements and faster rebounds.

Odaily Note: Ethena Labs is the development team behind the stablecoin USDe, which is characterized by its collateral assets being made up of equal amounts of spot ETH and futures ETH short positions.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

New spot margin trading pair — BARD/USDT!
Bitget Announcement2025/09/19 07:28
BTC/ETH VIP Earn Ultimate Carnival is officially here!
Bitget Announcement2025/09/18 07:12
New spot margin trading pair — FLOCK/USDT!
Bitget Announcement2025/09/18 06:55
0GUSDT now launched for pre-market futures trading
Bitget Announcement2025/09/18 05:39

Trending news

More
1
New spot margin trading pair — BARD/USDT!
2
BTC/ETH VIP Earn Ultimate Carnival is officially here!

Crypto prices

More
Bitcoin
Bitcoin
BTC
$115,584.39
-1.04%
Ethereum
Ethereum
ETH
$4,460.45
-2.69%
XRP
XRP
XRP
$2.99
-2.63%
Tether USDt
Tether USDt
USDT
$1
+0.05%
BNB
BNB
BNB
$983.85
+0.22%
Solana
Solana
SOL
$238.51
-3.31%
USDC
USDC
USDC
$0.9997
-0.01%
Dogecoin
Dogecoin
DOGE
$0.2657
-4.25%
TRON
TRON
TRX
$0.3440
-1.79%
Cardano
Cardano
ADA
$0.8929
-3.07%
How to sell PI
Bitget lists PI – Buy or sell PI quickly on Bitget!
Trade now
Become a trader now?A welcome pack worth 6200 USDT for new users!
Sign up now
Trade smarter