According to a report shared by CryptoQuant and published by analyst maartunn, crypto lending activity is accelerating sharply, led by a significant expansion in Nexo’s loan book.
The data shows that Nexo’s total loan book reached $2.03 billion in Q3 2025, marking a 69.2% year-over-year increasefrom approximately $1.2 billion. The surge highlights a clear behavioral shift among crypto investors during the current market phase.
Borrowing Replaces Selling as Market Strategy
The shared chart illustrates a growing preference for borrowing against crypto holdings rather than liquidating positions. Investors are increasingly using assets such as Bitcoin, Ethereum, and other tokens as collateral to access liquidity.
This approach allows market participants to unlock capital while remaining exposed to potential upside. In a rising or bullish environment, this strategy enables investors to preserve their long-term positions instead of selling into strength.
Loan Growth Tracks Bitcoin’s Price Trend
The visual data shows that the expansion of Nexo’s loan book closely aligns with Bitcoin’s upward price trajectory over the same period. As Bitcoin prices increased, borrowing activity followed, suggesting rising confidence and stronger balance sheets among holders.
Rather than de-risking, investors appear comfortable leveraging their crypto assets, signaling optimism about future price appreciation.
What the Trend Signals About Market Conditions
The steady rise in loan book value indicates several broader market dynamics:
- Reduced urgency to sell spot holdings
- Increased use of crypto as productive collateral
- Growing confidence in market continuation rather than cycle exhaustion
This behavior is typically observed during constructive market phases, where participants expect higher prices ahead and prefer capital efficiency over de-risking.
Key Takeaway
The CryptoQuant data shared by maartunn points to a notable shift in investor behavior: crypto holders are choosing leverage and liquidity over liquidation. The rapid expansion of Nexo’s loan book reinforces the idea that market participants remain positioned for upside, using borrowing as a strategic tool rather than an exit signal.
If this trend persists, lending activity may continue to act as a supporting pillar for crypto market structure rather than a warning sign.
