Leverage Hits Record in Q3 2025, Still ‘Healthier’ Than 2021 – 2022
The crypto market has officially surpassed the leverage mania of the 2021 bull run. According to a November 2025 report from Galaxy Digital, total crypto-collateralized lending reached a record-breaking $73.59 billion in Q3 2025, eclipsing the previous peak of $69.4 billion set in Q4 2021. Albeit a highly volatile market structure, today transparent on-chain protocols…
