As of June 30, Galaxy Research tracked 17.78 billion of open CeFi borrows. This represents a quarter-over-quarter growth of 14.66%, or 2.27 billion, and 10.59 billion (+147.5%) growth since the bear market trough of 7.18 billion in Q4 2023. Tether, Nexo, and Galaxy are the top three lenders by outstanding loan values(unfolded.)