How did USDe handle the last 24 hours?

Some context:

1/ Largest $ daily drawdown in open interest across major exchanges for ETH contracts ever (excl. FTX) 2/ 4th largest drawdown as a % of open interest:

The liquidity situation in crypto is worsening after the banking fears this month 📉

I dived into several liquidity metrics to give an update on all things crypto liquidity🧵

First, $BTC liquidity has dropped to 10 month lows as market makers lose access to USD payment rails👇 2/ US exchanges have been hardest hit due to the closure of USD payment rails and crypto banks

Market makers in the region facing unprecedented challenges to their operations

Token Unlocks aren't all cut from the same cloth 💡

Noticed $AXS and $SAND pumping before unlocks, outperforming $ETH by 50% and 45% YTD

Unlocks are supposed to be bearish catalysts, so I looked into the data to find why some are more bearish than others 👇

🧵1/11 If token unlocks are bearish, what can we expect from the likes of $AXS and $SAND after this rally?

Luckily, both tokens went through unlocks last year so we can see how they performed v ETH

Not good

🧵2/11

Just published my latest deep dive for @KaikoData looking at the lack of stETH liquidity right now and the trouble that's causing the likes of Celsius.

I also looked at the avenues Celsius and others might be going down as we speak with their stETH

Time for a thread 🧵👇 1) stETH, Lido's liquid token for staked ETH, is at the heart of the liq problems for Celsius, 3AC and others.

Due to a persistent discount relative to #ETH, these entities face large losses if they redeem stETH.

Trouble is, client withdrawals are forcing their hands