Galaxy Q3 Crypto Leverage Report: On-Chain Lending Reaches All-Time High, Futures Liquidations Hit Record

BlockBeats News, November 20: According to Galaxy's Q3 Crypto Lending Report, the total value of outstanding crypto-backed loans surged to $204.6 billion in Q3 2025, a 38.5% increase, reaching a historical high of $735.9 billion. DeFi lending grew by $145.2 billion to $409.9 billion. The total value of liquidations exceeded $12 billion, with a quarterly increase of $4.22 billion. The open interest of futures contracts reached $1,877.9 billion by the end of September, hitting a peak of $2,203.7 billion on October 6.

On October 10, a market crash led to the forced liquidation of over $17 billion worth of futures positions, marking the largest single-day liquidation in history. Hyperliquid, Bybit, and Binance liquidated $10.8 billion, $4.58 billion, and $2.31 billion, respectively.