Summary
TLDR: The crypto industry is small, leading to a lack of capital for lending to bullish individuals who are willing to borrow at high rates. Institutions are interested in crypto but are not filling the gaps in market demand, showing immaturity in the industry.
Key Points
1. The crypto industry is relatively small, leading to a lack of capital available for lending to bullish individuals who are willing to borrow at high rates.
2. Institutions are interested in crypto, but they are not filling gaps in market demand, resulting in high lending rates.
3. The lack of supply in the on-chain crypto market is a sign of immaturity in the industry, as it does not automatically attract lenders to fill the gap.