CryptoQuant: Increased Lending Demand in Bear Market, High-Net-Worth Individuals Shifting Collateral to ZEC

CryptoQuant data shows that during the bear market in 2026, the average number of loans per user increased compared to the bull market in 2025, with retail investors rising from 30.8 loans to 53.5 loans, and high-net-worth individuals (HNWI) increasing from 16.5 loans to 19.4 loans. The proportion of repeat borrowers rose to 65.1%. In terms of lending frequency, HNWIs maintained a stable interval of 26-27 days, while retail investors extended their interval from 11 days to 21 days. This trend reflects the counter-cyclical nature of lending demand in a bear market, as holders tend to prefer collateralized borrowing rather than selling at low prices. In terms of collateral structure, the proportion of Bitcoin held by HNWIs decreased from 57.8% to 30.5%, while ZEC rose to 24.2% (with the price increasing from around $50 to about $800 during the same period), and the proportions of XMR, LINK, and ADA also increased. Retail investors still predominantly hold XRP, which decreased from 41.7% to 35.2%, followed by Bitcoin, while altcoins such as TRX, XLM, BNB, KAS, and VELO entered the top ten. In terms of trading volume, USDC rose to third place, while RWA tokens like ONDO entered the top ten, and SOL and SHIB dropped off the list.

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