The bitcoin credit market, observed
What borrowing against bitcoin costs, in each currency it is borrowed in, and what stands behind it, across every venue this dataset covers — measured against published criteria, with no score and no ranking.
It also measures credit secured by ether, the same way and never added to bitcoin: choose Ether under “Secured by”.
Governed indices, free with history; methodology on each page.
Dollar loans only: other currencies are separate books, never added in
Debt and rates count loans made in US dollars and dollar stablecoins. Loans in euros, francs, yen, ether or bitcoin itself are separate books, shown by currency below, never added in.
What these figures cover — and what they leave out
- BTC collateral — read for 92 of 134 venues; part of it is the supplied amount each pool reports, not what is pledged against a loan; 947,851 BTC of it is held by corporate issuers and reported by them — not pledged: there is no lien; about 27,865 BTC of it is estimated from desks' books and their cards' LTVs, within the range shown.
- Dollar debt against bitcoin — debt against bitcoin read for 63 of 134 venues; 32 more lend from a pool or are financed without a lien — named, not added; part of it is partial (bitcoin-only borrowers in a pool, or a desk's bounded estimate); $26.33bn of it is corporate debt financed by bitcoin the issuers hold — no lien on it.
- Aggregate LTV — both sides read for 57 of 134 venues.
- Borrow rate (USD loans) — weighted by dollar debt for 80 of 128 venues; 5 posted rate(s) carry no weight and are not in it; the secured market's rate: corporate lending is not in it (no lien on the issuers' bitcoin), shown beside it.
- Lend rate (USD loans) — weighted by dollar supply for 68 of 128 venues; the secured market's rate: corporate lending is not in it (no lien on the issuers' bitcoin), shown beside it.
- Liquidates at — the priced books of 46 of 134 venues taken as one position — an aggregate, not a forecast.
- Corporate lending, beside the rates — corporate lending, not bitcoin-backed credit: what the issuers pay on their listed debt and preferreds, which is what holders earn. Unsecured, with no lien on the issuers' bitcoin, so it is in neither the market's borrow rate nor its lend rate.
What “Liquidates at” is: one price for the whole book, not a forecast
"Liquidates at" is the bitcoin price at which this book, taken as one position, stops covering its debt at its liquidation thresholds — an aggregate, not a forecast: individual loans are levered differently and liquidate above it.
| Class | BTC collateral | share | Dollar debt against bitcoin | share | LTV | Borrow | Lend | Liquidates at | Threshold (LTV) |
|---|---|---|---|---|---|---|---|---|---|
| Corporate › | 947,851 BTC | 81% | $26.33bn | 79% | 34.1% | 11.42% | — | — | |
| Algorithmic › | 160,173 BTC | 14% | $4.44bn | 13% | 45.1% | 4.88% | 3.35% | $46,242 | 45.0%–97.0% LTV |
| Posted card › | 58,450 BTC | 5.0% | $2.42bn | 7.3% | 44.3% | 14.39% | 6.14% | — | |
| Minted › | 1,407 BTC | 0.1% | $37.2m | 0.1% | 42.9% | 7.64% | — | $41,630 | 94.0%–96.5% LTV |
| Auction › | 0.4555 BTC | <0.1% | $17k | <0.1% | 44.5% | 5.48% | 5.48% | — | |
| Outside the market — no rate class; shown with their own figures, never added to it: | |||||||||
| Futures and brokers (no rate class) › | — | — | — | — | — | — | |||
Ordered by debt, never by a rate; a figure in italics covers part of a book
Ordered by debt against bitcoin, then collateral — never by a rate. Shares are of this market's total, and add up. A figure in italics covers only part of a book — hover for what it leaves out; a dash carries its reason. 32 lend from a pool against every collateral, report a whole book, or are financed without a lien: their figures are shown on their rows and not added ($16.06bn in all). /v1/market/tree
By the currency the loans are made in
Each currency is its own book, compared in dollars, never added across
Each currency is its own book. Sizes are dollar equivalents so they can be compared, and are added only within a currency, never across. Corporate debt is the issuers' filed debt in its own currency, with no lien on bitcoin.
| Borrowed in | Secured by bitcoin | Venues | Corporate (no lien) | Assets |
|---|---|---|---|---|
| US dollars | $4.48bn | 51 | $26.33bn | CRVUSD, USDC, GHO, USDT0, USDT, USDTB |
| Not dollars, not yet split | $136m | 25 | — | |
| Euros | $30.2m | 4 | $977m | EURC, EURCV |
| Swiss francs | $15.9m | 1 | — | ZCHF |
| Bitcoin (against bitcoin) | $4.2m | 4 | — | WBTC, cbBTC |
| Ether | $709k | 4 | — | ETH, WETH |
| Peg not established | $104k | 1 | — | JupUSD, WSOL |
| Yen | — | — | $200m |
How each currency’s book is read, and what the desks do not state
On-chain books as each venue's best observer reads them today. CeFi desks state what they lend in, not how much in each: of 24 desks and brokers, no live one states bitcoin loans. “Not dollars, not yet split” is what bitcoin-only pool borrowers owe outside dollars, which the account read does not yet split by currency.
get_indicator({ id: "benchmark-curves" })No borrow leg is observable for: corporate. The two legs are not symmetric — a class with no depositor has no lend rate, and a corporate security has a yield to its holder rather than a borrowing cost anyone can take. A zero would be a different claim.
Source: Board of Governors of the Federal Reserve System (H.15, H.4.1, H.6).
Data provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. IEX
/v1/market/debt-by-collateral · get_debt_by_collateral()What the bars can tie to a specific coin, and what they cannot
Only the named wrapper, the vault, the auction and — inside the pools — the accounts whose only collateral is bitcoin tie a dollar of debt to a specific coin. The rest of a pool lends against its whole basket, so no dollar of that debt belongs to any collateral — the second bar is what the pools hold, never an assignment. The corporate layer is financed BY bitcoin, not secured on it: no lien exists, and the issuers hold 947,851 BTC against it, 2.8× the registered debt — a ceiling, since senior convertible notes are not in that denominator.
The custodial desks — 13 of them, and how each figure was arrived at · $2.42bn midpoint, $1.62bn–$6.24bn
| Desk | Book | How | Assurance | Collateral | In the bar |
|---|---|---|---|---|---|
| tether | $13.45bn | — | reviewed unaudited 2026-06-30 | unstated | no — collateral unstated |
| nexo | $0–$1.70bn mid $850m | UPPER BOUND ONLY, arithmetic midpoint. | derived 2026-09-16 | all collateral | no — whole book, not bitcoin |
| ledn | $785m | — | self reported 2026-10-01 | bitcoin | yes |
| galaxy | $668m–$859m mid $763m | OPERATOR ASSUMPTION, NOT A DISCLOSURE (operator, 2026-09-21: "a high BTC split"). | derived 2026-06-30 | bitcoin | yes |
| cantor | $100m–$2.00bn mid $447m | GEOMETRIC MIDPOINT of a bound spanning a factor of twenty. | derived 2026-09-16 | bitcoin | yes |
| strike | $50m–$2.10bn mid $324m | GEOMETRIC MIDPOINT of a bound spanning a factor of forty-two. | derived 2026-09-16 | bitcoin | yes |
| xapo | $20m–$500m mid $100m | ANCHORED, NOT INTERPOLATED. | derived 2026-09-16 | bitcoin | yes |
| salt | $10m–$200m mid $45m | ANCHORED ON THE LAST FILED FIGURE, WIDENED FOR FIVE YEARS OF SILENCE. | derived 2026-09-16 | all collateral | no — whole book, not bitcoin |
| blockfi | $0 | — | reported no assurance 2026-09-16 | bitcoin | yes |
| celsius | $0 | — | reported no assurance 2026-09-16 | bitcoin | yes |
| two prime | — | — | — | bitcoin | no — collateral unstated |
⚠ THIS SEGMENT IS PART MEASUREMENT AND PART ESTIMATE, and the two are never merged into one figure. 3 of 7 counted desks publish or file a book; the rest are bounded from stated inputs, each carrying its own method and sources. The bar draws the midpoint; the range is what is actually known. Where a bound spans an order of magnitude the midpoint is the GEOMETRIC mean, because the arithmetic one sits near the top of such a bound and asserts a precision the bound does not have.
Every one of the 13 carded desks now carries a figure, and they are not the same kind of figure. Two are ZERO and exact — BlockFi and Celsius are in confirmed Chapter 11 wind-down and originate nothing. One publishes monthly (Ledn). One filed a book with the SEC, in 2021, and has not filed since (SALT). Two have announced FACILITIES rather than books — Cantor $2bn, Strike $2.1bn — which is capacity, not credit, and is carried under its own metric so no total can reach it. The rest are bounded estimates. ⚠ Coinbase is absent from this segment ON PURPOSE: it originates its retail bitcoin-backed loans into Morpho Blue markets on Base, so its book is already read on-chain every day and already counted in the named-wrapper segment. Adding it here would count it twice.
NOT ONE FIGURE IN THIS SEGMENT IS AUDITED AS A CURRENT BOOK. Ledn's monthly metrics are computed by an independent CPA firm from the desk's own systems, and that firm disclaims assurance in terms: "not an audit, review, or attestation engagement, nor does it express any form of assurance, opinion, or conclusion". What IS attested at Ledn is a separate Proof of Reserves — assets at least client liabilities — as of 2026-03-31. SALT's $63.4m IS audited and is five years stale, which is a different problem wearing the better grade. Everything else is reported, announced or derived.
/v1/market/ltv-history (not on the MCP yet) · /v1/market/cefi-rates · get_desk_rates()What the realised LTV covers, and what it leaves out, by class
On the realised figure. Debt-weighted, over the venue-API markets where both a liquidation threshold and both sides of the book are published. NOT the whole market: Aave and Compound do not publish a per-market threshold this estate ingests.
algorithmic. Covers only the venues read exactly (isolated markets). Pooled venues carry no realised series, so this is true and narrow; venues and debt are on every point. Their bitcoin-only borrowers are served per venue (bitcoin_only_borrowers), and join the class LTV on the headline.
posted-card. No desk in this class discloses a realised LTV series. One desk (Ledn) has published one average LTV at one date; one point is not a series. The desks' POSTED maximum LTVs are served on /v1/venues/compare as ltv.max, a policy and not an observation.
corporate. A corporate instrument has no collateral posted to a lender, so there is no LTV. The coverage ratio against the attachment point is served below as corporate_analogue — an analogue, not an LTV.
A position and a permission: why the two bands share one axis
The two bands are different quantities and the rule between them says so. A realised LTV is a position; a posted maximum is a permission nobody is obliged to use. They share an axis because both are loan-to-value, and nothing else.
get_credit_stateget_credit_stateLevels in BTC, not shares. Every wrapper, and whether each is backed →
The five classes, each with its venues → Every venue and its criteria →