CryptoQuant: In January, the total amount of ETH lent on AAVE v3 reached 1 million ETH, a month-on-month increase of 48%

According to research data from CryptoQuant, the lending demand in the crypto market saw a rebound in early 2026. The stablecoin lending activity on AAVE v3 slightly rebounded after hitting a low in December 2025, with the total lending volume increasing from the December low, indicating that market leverage demand is gradually recovering, although the recovery process is relatively mild, and the market is still in a cautious rebuilding phase.

In addition, the credit activity of the CeFi lending platform Nexo also saw a recovery in early 2026, with credit withdrawals reaching $24 million in January, a month-on-month increase of 9%, but lending activity remains below mid-2025 levels. The lending demand for Ethereum significantly increased from September 2024 to January 2025. In January 2026, the total amount of ETH lent on AAVE v3 reached 1 million ETH, a month-on-month increase of 48%, which is 2.7 times the level in September 2024.

The proportion of ETH in Nexo's collateral has risen from 9% in Q2 2024 to 12%, indicating that ETH holders are more inclined to obtain liquidity through lending rather than direct sales, while Bitcoin still accounts for 56% of the total collateral ratio.