Galaxy Research, the research arm of U.S.-based Galaxy Digital, published its quarterly report on July 17 examining leverage trends in the cryptocurrency market for the second quarter of 2026 (April–June). Crypto-collateralized lending outstanding fell 16.78% quarter-over-quarter to $56.16 billion (approximately ¥9 trillion), marking a third consecutive quarterly contraction. Notably, the pace of decline stands in stark contrast to the abrupt collapse witnessed during the 2022 bear market, unfolding instead as an orderly, step-by-step deleveraging.

After peaking at a record $78.69 billion (approximately ¥12.6 trillion) in the July–September 2025 quarter, lending outstanding has declined by 10%, 5%, and 17% respectively over the…