CeFi lending had its first contraction since Q3 2024, down 6% QoQ to $ 23.3B. Tether still owns 68% of the market despite a 7% pullback. Nexo, Maple, and Coinbase were the only lenders that actually grew. Galaxy (-21%) and Ledn (-19%) took the brunt of the deleverage. (CryptoQuant.com)