Price Anomaly: Real-time price $5.889 breaks through support, a 39% plunge in 24 hours. As of press time, the real-time price of $EUL has fallen to 5.889, a 39.54% drop from the previous evening's rebound high of 9.74. The price has more than halved from the high of 12.40. 24-hour trading volume is only 412,000, a 44% decrease from the previous day. The psychological support level around 5.72 has been breached, and the VIX has risen to its highest level in nearly 30 days. Risk Source: Stream crash triggers $137 million in bad debt, multiple protocols embroiled in litigation. Stream Finance's $93 million loss has triggered a wider systemic crisis: the Euler protocol has been revealed to have generated $137 million in bad debt, accounting for 34% of its total locked value (TVL), a further deterioration from the previously disclosed $284 million risk exposure. The chain reaction continues to escalate: On November 7th, the Elixir protocol announced that its stablecoin deUSD had plummeted by 95% due to 65% of its collateral being linked to Stream assets, ultimately ceasing operations. On the same day, Silo DAO initiated legal action to recover outstanding loans from Stream and redeemed xUSD funds, becoming the first DeFi protocol to pursue legal action. Despite Euler having completed five rounds of security audits, the risk transmission path of cross-chain double-collateralization far exceeded expected prevention capabilities. A double collapse in regulation and technology: New regulations and price drops resonate. Regulatory pressure continues to intensify: New stablecoin regulations issued in Canada on November 5th require collateral to be cash or government bonds. Euler's synthetic asset xUSD, due to its underlying assets being linked to risky Stream assets, has had its collateral qualification assessment suspended. Technically, EUL has not only broken through the key support levels of $8.73 and $5.72, but is currently in a "free fall" state without effective technical support. On-chain data shows that in the past 24 hours, more than 200 addresses holding more than 1,000 EUL have completed their liquidation, resulting in a concentrated release of selling pressure. Market view: Institutional exodus and the long-term value game are intensifying. Institutional risk aversion has reached its peak: Coinbase data shows that the net outflow from institutional addresses has increased to $21 million in the past 4 days, 1.75 times the outflow in the previous 3 days, with leading institutions such as Grayscale having liquidated their holdings. Optimistic voices focus on the underlying technology integration: the cross-chain deployment of EulerSwap DEX and Linea L2 is nearing the end of testing, and liquidity mining incentives are expected to launch in December, which may increase the token's utility value if implemented. However, on-chain data shows that 89.2% of the circulating supply has been unlocked, making it highly unlikely that the selling pressure will ease in the short term.