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Analysts Report Significant Outflows in Ethena TVL and BlackRock ETFs
12/01/2025, 13:36
AI SUMMARY
●Ethena TVL halves to $7.2B as yields drop below borrowing costs.
●BlackRock pulls over $3.3B combined from IBIT and ETHA in November.
●Analyst suggests institutional accumulation phase may have ended.
On-chain analysis highlights that Ethena has lost 50% of its Total Value Locked (TVL) in just 43 days, dropping from $14.8 billion to $7.2 billion. The decline was reportedly triggered when yields on sUSDe fell below Aave borrowing costs, causing leverage loops to break.
Separately, data indicates that BlackRock reduced its crypto exposure significantly in November, pulling $2.347 billion from its Bitcoin ETF (IBIT) and $1.038 billion from its Ethereum ETF (ETHA). Analysts suggest this reduction after significant gains may signal the end of the recent accumulation phase.