Asia Morning Briefing: Crypto's Rising Leverage Trades Show Signs of Stress, Galaxy Digital Says
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最新报道：Crypto leverage is surging back to bull-market levels, with Galaxy Research reporting a 27% quarterly increase in crypto-collateralized loans to $53.1 billion—the highest since early 2022. Last week's $1 billion liquidation event highlighted market fragility as Bitcoin dropped from $124,000 to $118,000. Galaxy analysts note stress points, including ETH borrowing rates exceeding staking yields on Aave, triggering a record 13-day exit queue for Ethereum's Beacon Chain. The widening gap between off-chain USDC borrowing costs and flat on-chain rates signals potential liquidity mismatches. While institutional demand and ETF inflows sustain bullish sentiment, rising loan volumes and DeFi liquidity crunches suggest growing systemic risks.
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