Crypto lending market plunges 43% as CeFi collapse reshapes market, survey shows

The total size of the cryptography loan market fell to $ 36.5 billion in the fourth quarter of 2024, down more than 40% compared to its record level at the end of 2021.

The crypto loans market remained far from its former summits at the end of the fourth quarter 2024, with analysts at Digital galaxy Estimate of total loans in circulation at $ 36.5 billion, well below the peak of $ 64.4 billion seen at the end of 2021. In a research report On April 14, Galaxy awarded the decline to the “decimation of lenders on the side of the offer, and funds, individuals and corporate entities on the side of demand”.

Cefi lenders were the hardest affected during the slowdown of 2022-2023. Some of the largest financial lenders centralized by the size of the loan book “collapsed in 2022 and 2023” while the prices of crypto assets were broken down and “market liquidity has dried”, wrote Galaxy. Companies love Genesis,, Celsius network,, BlockfiAnd Traveler All have filed a record.

CEFI loans culminated at around 34.8 billion dollars, but a wave of bankruptcies seems to have reduced the 82% to $ 6.4 billion market, according to data. The three main Cefi – Tether, Galaxy and LEDN lenders – held a combined loan book of $ 9.9 billion, or 88.6% of the CEFI market. This is compared in the first quarter of 2022, when Genesis, Blockfi and Celsius represented 76% of the market.

Decentralized financial loans have recovered more strongly. The emprans open on 20 loan applications and 12 blockchains reached $ 19.1 billion in the fourth quarter of 2024, an increase of 959% compared to more than $ 1.8 billion in T2 2022, which Galaxy described as a “testimony of risk management practices of large oncelle loan applications”.