[CryptoQuant: Total ETH Lending Volume on AAVE v3 Reaches 1 Million ETH in January, Up 48% Month-on-Month] According to CryptoQuant research data, the demand for lending in the crypto market saw a recovery in early 2026. Stablecoin lending activity on AAVE v3 rebounded slightly after hitting a low in December 2025, with total lending volume increasing from the December low. This indicates that market leverage demand is gradually recovering, though the recovery process remains moderate, and the market is still in a cautious rebuilding phase. Additionally, credit activity on the CeFi lending platform Nexo also recovered in early 2026, with credit withdrawals in January reaching $24 million, up 9% month-on-month, though lending activity remains below mid-2025 levels. Ethereum lending demand grew significantly from September 2024 to January 2025. In January 2026, the total ETH lending volume on AAVE v3 reached 1 million ETH, up 48% month-on-month, and 2.7 times the level of September 2024. The proportion of ETH in Nexo's collateral has risen from 9% in Q2 2024 to 12%, indicating that ETH holders are more inclined to obtain liquidity through lending rather than direct selling, while Bitcoin still accounts for 56% of the total collateral.