Crypto Holders Increase Borrowing Against Digital Assets as Markets Weaken in 2026

Research from CryptoQuant, based on data from crypto lender CoinRabbit, found that borrowing activity against digital assets increased in 2026 as market conditions weakened. Retail users recorded the largest change, with their average number of loans rising 74% from 30.8 per user in 2025 to 53.5 in 2026. High-net-worth users saw a smaller increase of 18%, from 16.5 to 19.4 loans. Repeat borrowing became more common across the platform, with the share of users taking multiple loans increasing from 61.9% to 65.1%. Among high-net-worth users, collateral preferences shifted notably, with Bitcoin's share of pledged assets falling from 57.8% to 30.5%, while Zcash's share rose to 24.2% after not previously appearing in the top 10. CryptoQuant linked Zcash's rise in collateral use to its sharp price rally from about $50 in late 2025 toward $800.