Crypto credit flipped back into growth mode in Q3 ’25. Desks report borrowers are tapping collateralized loans instead of selling, and the aggregate books reflect it. The mix of collateral is broadening beyond just BTC, pointing to more confidence and deeper liquidity versus the post-2022 reset.Key numbers:
Collateralized crypto debt this quarter: $73.59B CeFi open borrows: $24.37B Galaxy average loan book: $1.8B (up QoQ) Nеxо loan book: $2.04B, 69% YoY Collateral split: 54% BTC, 32% alts, remainder stables/other Loan-book snapshots: Tether $14.6B, Nеxо $2.04B, Galaxy Digital $1.8BBorrowers are tapping credit against positions rather than selling, and the leverage behind it is largely secured, unlike the unsecured excesses of 2021–2022. As desks accept a broader collateral set, liquidity deepens and holders get a cleaner way to access capital without dumping tokens.
Credit demand is heating up, and the pipes look healthier this time.
Final take – these numbers show us we shouldn’t be scared of the dip, we just have to use it wisely.
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