Why BTC and ETH Eclipse, While Altcoins Struggle in 2024

However, the collapse of many key institutional lenders (e.g. BlockFi, Celsius, Voyager, Genesis) has hampered the speculative demand that these lenders helped fuel. Although we have started to see signs of recovery, with us enter as Coinbase’s institutional funding business, this area remains warm compared to just a few years ago. Additionally, today’s higher rate environment provides less incentive to move money on-chain in a choppy market, especially when the alternative is getting paid 5% of your cash or stablecoin holdings to wait and see.