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.(The Kobeissi Letter)