Crypto leverage is not gone; it has just changed form.
Galaxy says CeFi + DeFi outstanding borrows still stood at $61.06B at the end of Q4 2025, while the broader total reached $69.55B once crypto-backed CDP stablecoins were included. CeFi kept growing. DeFi shrank. Futures open interest fell 39%.
Is Crypto becoming more resilient, or just better at hiding systemic risk?
https://www.galaxy.com/insights/research/state-of-crypto-leverage-q4-2025


