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.
