Categories Finance

Leverage Reconfigures in Q1: DeFi Recovers, CeFi Quietly Expands, Treasury Debt Mounts

Leverage across the crypto economy is evolving, not evaporating. Total crypto-collateralized lending fell 4.9% quarter-over-quarter to $39.07 billion, the first decline since late 2023, Galaxy Research’s Q1 2025 report shows. But while the headline figure contracted, underlying dynamics suggest leverage is shifting form, not fading. Lending in decentralized…

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