Crypto enters Q3 with thinner liquidity and less leverage after an $8.35 billion liquidation. On July 1, Bitcoin and Ether open interest fell sharply following the liquidation. On July 2, centralized crypto lending loan books decreased by 6% in Q1 2026 to $23.3 billion, marking the first contraction since Q3 2024. Tether maintains a dominant 68% share of the centralized finance loan market. On July 6, HTX Research released its Q3 2026 outlook report titled 'Liquidity Defines Crypto', focusing on global liquidity repricing and regulatory developments.
The new strategic report identifies global liquidity repricing and regulatory shifts as the core themes defining the digital asset landscape for Q3 2026.
Read the full storyCentralized crypto loan books fell 6% to $23.3 billion in Q1 2026, marking the first quarterly contraction for the sector since late 2024.
Bitcoin and Ether open interest fell sharply after a Q2 liquidation wave, reducing leverage and lowering cascading risk as Q3 begins.