最新报道：Leverage in the crypto economy is evolving rather than dissipating, and while total mortgage borrowing volume fell 4.9% quarter-on-quarter to $39 billion, the Galaxy Research Q1 2025 report noted that this may be the first decline since the end of last year. However, as the dynamic changes, this trend is more about turning than disappearing. In decentralized finance (DeFi) lending, the number of loans experienced a decline of up to 21% in the early stages of the first quarter, but rebounded rapidly in April and May. The rebound was mainly driven by Aave's integration of Pendle tokens, with its yield structure and high collateral ratio (up to 90%) triggering a new borrowing boom. By the end of May, DeFi lending volume had exceeded its lows, and Ethereum was the main driver of the recovery. Centralized Finance (CeFi) loans rose 9.24% in the first quarter, led by companies such as Tether, Ledn and Two Prime. Galaxy pointed out that due to limited public disclosure data, there are limitations in understanding the actual centralized credit scale. The private sector, OTC platforms, and overseas credit providers may push the overall size by more than 50%. Meanwhile, Bitcoin holding companies are quietly becoming one of the new system leverage nodes. For example, companies such as Strategy (MSTR) have issued billions of dollars in convertible debt in purchasing BTC. As of May, the total outstanding debt of all holding companies was $12.7 billion, with most due between 2027 and 2028. In the derivatives sector, the growing holdings of the Chicago Mercantile Exchange (CME) in Ethereum futures signal an accelerated increase in institutional participation. Meanwhile, emerging trading market Hyperliquid is constantly occupying a share of the perpetual contract market, highlighting the strong expressiveness of retail-driven leverage. The report points to an increasingly interconnected market structure where tensions in a single place or tool may spread rapidly throughout the ecosystem. In the current cycle, leverage in cryptocurrencies may be more diversified—but its power remains strong.