Crypto Leverage Hits Record High in Q3 as DeFi Dominance Reshapes Market Structure: Galaxy

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Crypto leverage reached a record high in Q3, driven by onchain lending, but the market is now better collateralized than in the previous cycle, indicating a shift in market structure.

Market Impact

Market impact analysis based on neutral sentiment with 74% confidence.

Sentiment
Neutral
AI Confidence
74%

Article Context

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Onchain lending drove crypto-collateralized debt to a new peak in last quarter, but the leverage underpinning the market is now better collateralized than during the previous cycle.

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Original article published by Unknown on November 19, 2025.
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