Galaxy Report: Crypto lending dips slightly, Bitcoin treasuries, futures drive new leverage

The crypto leverage diversified significantly in Q1 2025, driven by corporate purchases and futures engagements. The lending market shrank to 39.07 billion USD, marking its first decline since Q3 2023.

Publicly traded companies amassed 2.1 billion USD in Bitcoin debt in Q1, showing a trend towards leveraging corporate strategies for Bitcoin acquisitions.

Futures open interest surged to 115.97 billion USD by late May, demonstrating robust institutional engagement and a clear shift away from crypto-collateralized lending.

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