Blockfi 解释了比特币利息下跌的原因: 比特币身处牛市,更少人借比特币,更多人借USD 。
Why Are We Making These Changes?
At BlockFi, we set rates by looking at where we can find compelling risk-adjusted returns with a minimal tolerance for loss. As market dynamics change, our rates also change to reflect the current market conditions. This ability to adjust rates with market conditions is important, particularly within the rapidly shifting Bitcoin market.
To better understand these changes, we should first look at funding rates, which are payments made to traders who hold long positions on crypto (i.e. those who’ve bet that the price will go up) and short positions on crypto (i.e. those who’ve bet that the price will go down). Last year, those funding rates were relatively low, so we were able to keep BTC APY for the highest tier at around 3%. But since the price of Bitcoin has increased so dramatically in 2021, the funding rate has gotten much higher, dramatically increasing the size of the payments made on long positions.
These conditions derive from low demand to borrow BTC in a bull market, since many market participants want to borrow USD to buy more BTC instead.
After Bitcoin rose above $20,000 last year, demand for borrowing BTC gradually faded, hence the market rate fell. In order to maintain a healthy and sustainable lending/borrowing business model, we elected to lower our BTC yields instead of taking on more risk.