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However, the collapse of many key institutional lenders (e.g. BlockFi, Celsius, Voyager, Genesis) hampered the speculative demand these same lenders helped fuel. Though we’ve started to see signs of a recovery, with new entrants like Coinbase’s institutional financing business, this area remains tepid compared to just a few years ago. In addition, today’s higher rate environment offers less incentive to move money on-chain into a choppy market, especially when the alternative is getting paid 5% on your cash or stablecoin holdings to wait and see.