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Do they mean exchanges/derivatives trading or, like, Strike and Ledn...?

I don’t think the exchanges/derivatives are included in this one.

terrifying

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I found the Galaxie report but it wasn’t really clear to me. If you wanna check it out, it’s in this link.

https://www.galaxy.com/insights/research/crypto-leverage-q3-2025-defi-cefi-lending-digital-asset-treasury-debt-futures-perpetuals

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