In the third quarter of this year, the amount of leverage utilized in the cryptocurrency market reached an unprecedented peak, signaling a significant shift in trading dynamics. This surge in leverage coincides with the growing dominance of decentralized finance (DeFi), which is fundamentally reshaping the overall structure of the cryptocurrency market, as reported by Galaxy Digital. As DeFi platforms increasingly attract users and capital, traditional financial models are being challenged and redefined, leading to a more complex and potentially volatile trading environment.
source: https://www.coindesk.com/markets/2025/11/19/crypto-leverage-hits-record-high-in-q3-as-defi-dominance-reshapes-market-structure-galaxy