However, the collapse of many key institutional lenders (e.g. BlockFi, Celsius, Voyager, Genesis) hampered the speculative demand these same lenders helped fuel. Though weโve started to see signs of a recovery, with new entrants like Coinbaseโs institutional financing business, this area remains tepid compared to just a few years ago. In addition, todayโs 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.
Why BTC and ETH Outshine, While Altcoins Struggle in 2024
