Coinbase’s loan books, week six: a 4–11% price drop puts a third of the book within a 30% fall

Prices fell again in the week to Sunday 8 November, this time by 4–11% across the four Morpho markets behind Coinbase’s crypto loans. Borrowers as a group did not pay down: USDC debt held at $1.79B while the collateral behind it lost $145M of value, so aggregate leverage rose to 53.1% of collateral. A 20% fall would now put $473M in play and a 30% fall $1.12B, 33.2% of everything pledged; in the cbXRP market a 30% fall reaches 50.8% of its collateral. Nothing was liquidatable.