The figures get carried away, the protocols explode, and one wonders: would we have already reached the golden age of the crypto? Between recovery records, volumes of historical loans and constant innovations, the Crypto market seems to slash the champagne week after week. But behind the euphoria, what do the figures really tell us? And above all, is this rebound healthy and lasting? We dissected the latest data, and you will see, the devil is hiding in detail.
In short
- CEFI loans reach $ 17.78 billion and exceed $ 35 billion including Datco and ETF.
- The DEFI explodes to $ 26.47 billion, but the number of users drops by 27 %.
- Looping strategies artificially swell the borrowing volumes on Ethereum and its layer-2.
- The total Crypto loans now exceeds $ 61.76 billion, a record higher than the peak of 2021.
The CEFI is stronger than in 2021? Decryption
The dollar vacillates, the debt flies away … and the cryptos are raising records: centralized finance (CEFI), which we believed on the ground since 2023, bounces spectacularly. THE Galaxy Research data Reveal $ 17.78 billion in CEFI loans at the end of June 2025, an increase of 14.66 % in one quarter. And this figure does not even take into account certain heavy goods vehicles such as datco or loans leaning against Crypto.
By integrating these additional volumes, $ 12.74 billion in DATCO debts and between $ 3 to 6 billion in marginal loans on the Crypto ETF, we exceed the record of $ 34.8 billion in 2021.
Galaxy recalls that:
As of June 30, Galaxy Research listed $ 17.78 billion in current CEFI loans. This represents a quarterly growth of 14.66 %, or $ 2.27 billion.
Why this return in force? First, more attractive rates thanks to competition. Then, the prudence post-2022: the actors like LEDN rationalized their offers and secure their collaterals. Finally, the demand for business cash flows explodes, in search of structured return.
In short, CEFI returns. Not by ideology, but out of efficiency.
DEFI: An explosion … but doped for incentives?
The DEFI also displays summits: $ 26.47 billion in loans at the end of June 2025, a growth of 42.11 % in one quarter. A record figure, largely surpassing the peak of 2021. But is it really synonymous with adoption?
The dollar value of current loans on DEFI applications has been strongly rebounded since T1, increasing by $ 7.84 billion (+42.11 %) to reach 26.47 billion – a new historic record.
On the surface, everything seems perfect. But a figure questions: the number of Active Ethereum addresses is 27 % lower than in May 2021. In other words: more volume, but fewer users. What's going on?
The answer is in one word: looping. On Aave, the “Liquid Leverage” strategies make it possible to borrow ETH with steth, to restike … then to start again. A shape of circular lever.
Galaxy explains it: ” Users implement “loop strategies” which allow them to arbitrate the yield of their collateral assets against the loan cost ».
Defi grows quickly, but not always healthy. Watch out for incentive bubbles.
Datco and ETF: The Trojan horse of the crypto debt?
Little known to the general public, Digital Asset Treasury Companies (DATCO) are changing the rules of the game. Using classic debt to buy bitcoin or ether, these companies create a massive lever effect … often invisible.
Galaxy Alert:
Due to the absence of new debt emissions by Datco Bitcoin, the balance of the debt of cash companies has not changed … [mais] June 2028 remains the date to be monitored with $ 3.65 billion in maturity.
Among the pioneers: Microstrategy (now Strategy), but also newcomers to Ethereum. And via Crypto ETF like Ibit, investors can also borrow on margin against their shares.
What to remember:
- $ 12.74 billion in DATCO debt: not integrated into global volumes;
- 3 to 6 billion $ estimated on margins on ETF, an invisible lever;
- $ 3.65 billion in DATCO debts expired in June 2028;
- The capitalization loan ratio is still low, ~ 1.5 % vs 3 % for US shares;
- CEFI + DEFI + DATCO + ETF = more than $ 61.76 billion in Crypto loans
It is clear: raw figures often underestimate reality.
While the markets go record on record, innovation continues on the border of the real world. Credefi and Brickken are opening a new path with permission debt for active world. Proof that, while the figures are soaring, the real crypto revolution is just beginning.
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