According to Foresight News, Galaxy Research's first quarter 2025 report showed that the total amount of cryptocurrency mortgages fell 4.9% month-on-month to US$39.07 billion, the first decline since the end of 2023.
While the headline numbers have contracted, leverage is shifting. DeFi lending fell 21% at the start of the quarter but rebounded sharply in April and May, largely due to Aave’s integration of the Pendle token, rebounding more than 30% in late May.
Ethereum led the DeFi recovery. Meanwhile, CeFi lending climbed 9.24% to $13.51 billion, with Tether, Ledn, and Two Prime being the main drivers.
