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In the digital-asset downturn, high-net-worth borrowers cut Bitcoin to 30.5% of their pledged collateral while Zcash climbed to 24.2%, pointing to holders raising cash against positions rather than selling spot. CryptoQuant, using CoinRabbit data, compared the July 2025 bull phase with the July 2026 bear phase and found average loans per retail borrower up 74% to 53.5 from 30.8, and 18% higher at 19.4 from 16.5 for large holders, with repeat borrowers at 65.1% of users. Heavier collateralized leverage on a smaller BTC base concentrates liquidation risk in altcoin collateral, so watch ZEC volatility and lending platform LTV thresholds for forced-selling cascades that would hit BTC and ETH beta.
As a Research signal, watch whether it changes price action, volatility, or flows around ZEC, BTC.
Original Source: 토큰포스트
This page is market information analysis, not investment advice.
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