Crypto market leverage is through the roof: Total crypto loans jumped +35% in Q3 2025, to a record $73.6 billion. This surpasses the previous record of $69.4 billion set in Q4 2021. Crypto lending has nearly TRIPLED since Q1 2024, when the sector began to recover following the approval of US spot Bitcoin ETFs. As a result, we are seeing violent downswings across the board in crypto as liquidations accelerate. Leverage is proliferating volatility.