According to a Bloomberg report citing Galaxy Digital data, total crypto lending reached a record high of $73.6 billion in Q3 2025, surpassing the previous record of $69.4 billion set in Q4 2021. This figure represents nearly three times the increase since the beginning of 2024, reflecting the industry's recovery driven by ETF approvals and relaxed policies. However, with BTC recently correcting by over 20%, market concerns are rising about a new wave of risks triggered by the lending boom.