On November 20th, according to Galaxy's Q3 Crypto Leverage Report, crypto mortgage lending surged by $20.46 billion in the third quarter of 2025, a 38.5% increase, reaching a record high of $73.59 billion. DeFi lending grew by $14.52 billion to $40.99 billion. Total DAT debt exceeded $12 billion, an increase of $422 million in the quarter. Futures open interest reached $187.79 billion at the end of September, peaking at $220.37 billion on October 6th.
On October 10, a market crash led to the forced liquidation of more than $17 billion in futures positions, marking the largest single-day liquidation in history. Hyperliquid, Bybit, and Binance saw liquidations of $10.08 billion, $4.58 billion, and $2.31 billion, respectively.
