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

coindesk.com/markets/2025/06/05/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…

This story appeared on coindesk.com, 2025-06-05 11:38:52.
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