Nexo has reported a remarkable increase in its loan book, which reached $2.03 billion in the third quarter of 2025. This figure represents a substantial 69.2% growth compared to approximately $1.2 billion in the same period last year. The data, shared by CryptoQuant and analyzed by analyst maartunn, highlights a significant acceleration in crypto lending activity, driven by changing investor behaviors in the current market climate.
As market dynamics evolve, more crypto investors are opting to borrow against their holdings instead of selling them. This trend is evidenced by the increasing use of major cryptocurrencies like Bitcoin and Ethereum as collateral to access liquidity. By choosing to leverage their assets, investors can unlock capital while still maintaining exposure to potential price appreciation. This tactic allows them to hold onto their long-term positions, particularly in a bullish market.
The correlation between the growth of Nexo”s loan book and the rising prices of Bitcoin is notable. As Bitcoin”s value has climbed, so too has the borrowing activity, suggesting that investors are gaining confidence in their investments. Instead of retreating from the market, they are opting to leverage their assets, indicating an optimistic outlook for future price increases.
This behavior signals a broader trend within the crypto market. The sustained rise in Nexo”s loan book value points to several key market conditions: a diminished urgency to liquidate spot holdings, an increased inclination to use crypto as productive collateral, and growing confidence in market continuity rather than impending downturns. Such trends are typically observed in more constructive market phases, where participants expect higher prices ahead and prefer to maximize capital efficiency.
In summary, the data from CryptoQuant underscores a vital shift in investor behavior. Crypto holders are increasingly choosing to leverage their assets for liquidity rather than liquidating them. The swift expansion of Nexo”s loan book supports the notion that market participants are positioning themselves for potential gains, utilizing borrowing as a strategic tool rather than a signal to exit. If this trend continues, lending activity may serve as a stabilizing force for the crypto market”s structure rather than a warning of impending risks.
