The Bitcoin lending market is experiencing a significant recovery, which is fundamentally different from previous ones. Data shows that the lending platform Ledn has seen a substantial increase in business this year, with its total Bitcoin collateral loans surpassing the 1 billion USD mark to date. In just the third quarter, Ledn completed loans amounting to 392 million USD, and its annual revenue is expected to reach 100 million USD. This astonishing performance has propelled Ledn to become the third-largest centralized lending institution in the world, only behind Tether and Galaxy.

At the same time, Ledn has demonstrated strong risk control capabilities. Its average loan-to-value ratio is only 42.7%, far below the high-risk range, reflecting a more prudent and professional operating approach in the current lending market.

This recovery is not an isolated case, but rather a common trend across the entire Bitcoin lending market. Unlike the speculative frenzy of 2020-2022, the current market rebound is more led by professional institutions, showing a trend of robust development. This shift largely stems from the profound impact of the previous FTX incident on the centralized finance (CeFi) lending sector, prompting the industry to place greater emphasis on risk management and professionalism.

What is even more noteworthy is that traditional financial giants have also begun to enter this field. The well-known Wall Street investment bank Cantor Fitzgerald has already started offering Bitcoin collateral loan services, marking Bitcoin as a financial asset that is gradually integrating into the traditional financial system.

Currently, the market shows a dual-track parallel development trend: centralized financial lending platforms are focusing on meeting institutional needs by learning from past lessons and gradually restoring market confidence; while decentralized finance ( DeFi ) lending, with its transparency and permissionless characteristics, may attract more institutional participation in the future.

This change reflects that the Bitcoin lending market is undergoing a qualitative leap, transforming from a purely speculative tool into a more mature and reliable financial service. With the increasing participation of traditional financial institutions and the gradual clarification of the regulatory environment, we have reason to believe that the Bitcoin lending market will demonstrate greater potential and value in the future.