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Galaxy Q3 encryption leverage report: on-chain lending hits a new high, futures Get Liquidated at a record level.

On November 20, according to the Q3 encryption leverage report released by Galaxy, the crypto mortgage surged to $20.46 billion in the third quarter of 2025, a rise of 38.5%, setting a historical high of $73.59 billion. DeFi lending increased by $14.52 billion to $40.99 billion. The total DAT debt exceeded $12 billion, with a quarterly addition of $422 million. The futures open interest reached $187.79 billion at the end of September, peaking at $220.37 billion on October 6. On October 10, over $17 billion in futures positions were liquidated due to a market big dump, marking the largest single-day liquidation in history, with Hyperliquid, CEX, and CEX liquidating $10.08 billion, $4.58 billion, and $2.31 billion, respectively.

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