The State of Crypto Leverage: Q3 2025 Market Breakdown
On a combined basis, DeFi lending app and CeFi loans outstanding reached a new all-time high that eclipses the previous high of $53.44 billion in Q by $11.93 billion (22.32%). The table below details the sources of Galaxy Research’s data about each CeFi lender and the logic we used to calculate the size of their […]