CryptoQuant: Total ETH lending on AAVE v3 reached 1 million ETH in January, a 48% increase month-over-month.

According to data from CryptoQuant, lending demand in the crypto market rebounded slightly in early 2026, according to Mars Finance. Stablecoin lending activity on AAVE v3 rebounded slightly after bottoming out in December 2025, with total lending increasing from the December low, indicating a gradual recovery in market leverage demand. However, the recovery is relatively mild, and the market remains in a cautious rebuilding phase. Furthermore, credit activity on the CeFi lending platform Nexo also recovered in early 2026, with January credit withdrawals reaching $24 million, a 9% increase month-over-month, but lending activity remains below mid-2025 levels. Ethereum lending demand saw significant growth from September 2024 to January 2025. In January 2026, the total ETH lending volume on AAVE v3 reached 1 million ETH, a 48% increase month-over-month, and 2.7 times the level in September 2024. ETH's share of collateral on Nexo has risen from 9% in Q2 2024 to 12%, indicating that ETH holders are more inclined to obtain liquidity through lending rather than selling directly, while Bitcoin still accounts for 56% of the total collateral.