[Galaxy Releases Q3 Crypto Leverage Report: On-Chain Lending Hits Record High, Futures Liquidations Set New Record] Galaxy's Q3 2025 Crypto Leverage Report reveals that the total amount of crypto-collateralized loans surged to $20.46 billion, a quarter-over-quarter increase of 38.5%, reaching an all-time high of $73.59 billion. DeFi lending volume grew by $14.52 billion, reaching $40.99 billion. DAT total debt exceeded $12 billion, with $422 million added during the quarter. Futures open interest reached $187.79 billion at the end of September and peaked at $220.37 billion on October 6. A market crash on October 10 triggered forced liquidations of over $17 billion in futures positions, marking the largest single-day liquidation in history. Hyperliquid, Bybit, and Binance liquidated $10.08 billion, $4.58 billion, and $2.31 billion, respectively.