PANews reported on June 5 that Galaxy Research's 2025Q1 report showed that the total lending scale of cryptocurrencies as collateral fell 4.9% month-on-month to US$39.07 billion, the first decline since the end of 2023. However, the leverage effect has not disappeared, but has changed in form.

DeFi lending suffered a setback at the beginning of this quarter, with a drop of 21%. Later, due to Aave's integration of Pendle tokens, its income structure and high loan-to-value ratio triggered a new lending wave. It rebounded strongly in April and May, and rebounded by more than 30% from the previous low point by the end of May, with Ethereum leading the recovery. CeFi lending grew by 9.24% to $13.51 billion, with Tether and others being the main driving force, but due to limited public disclosure, the actual scale may be higher. In addition, listed companies holding Bitcoin are becoming new leverage nodes, such as MicroStrategy issuing bonds to purchase coins, with outstanding debts of $12.7 billion in May. In the field of derivatives, the open interest of CME Ethereum futures has increased, and Hyperliquid has expanded its market share in perpetual futures. The report pointed out that the market structure is becoming more and more interconnected, and single pressure may be transmitted quickly. Although the current crypto leverage is more dispersed, its power remains undiminished.