THE BLOCK · 2026-11-11 17:47 UTC

Borrow or Sell? How Crypto Holders Access Liquidity

Crypto-backed loans across CeFi lenders, DeFi apps and CDP stablecoins reached $78.6 billion by Q3 2025, above the 2021 peak of $73.8 billion. Bitcoin's long-term holder supply rose from 12.8 million BTC in early 2021 to 16.4 million BTC in October 2026. Bitcoin's annualized realized volatility fell from 81% in 2021 to 42% in 2025; total loans dropped to $56 billion by Q2 2026, 29% below the peak.

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