Data: Galaxy releases Q3 crypto leverage report, on-chain lending hits new high, futures liquidations reach record levels

According to the Q3 crypto leverage report released by Galaxy, crypto collateral loans surged to $20.46 billion, an increase of 38.5%, reaching a historic high of $73.59 billion.

DeFi lending grew by $14.52 billion to $40.99 billion. The total DAT debt exceeded $12 billion, with an additional $422 million added in the quarter. Futures open interest reached $187.79 billion at the end of September, peaking at $220.37 billion on October 6. On October 10, over $17 billion in futures positions were forcibly liquidated due to a market crash, marking the largest single-day liquidation in history, with Hyperliquid, Bybit, and Binance liquidating $10.08 billion, $4.58 billion, and $2.31 billion, respectively.