According to CoinMeta, Wu said that Galaxy Research reported that in the second quarter of 2026, DeFi outstanding loans declined for the third consecutive quarter, decreasing by 27.61% to $20.43 billion. Overall, crypto asset-backed lending also fell by 16.78% to $56.16 billion, which is about 40% lower than the peak in the third quarter of 2025. During the same period, the open interest in crypto futures decreased by 3.08% to $103.2 billion, with ETH OI experiencing a significant drop of 26.31%. Galaxy believes that, unlike the chain liquidations in 2022, this round is more characterized by a gradual reduction in leverage, and the market's risk reduction process has been relatively orderly.