there is precious little leverage in crypto
levered products exist, yes
trade *leverage* via margin or cash borrow, not really
as a result, systemic risk is also exponentially lower
People in crypto want to be long $4T.
They have $1T.
The outside world is willing to lend $0.5T, but beyond that various risk comities are like "uh idk let's get back to this one next year".
So mkt cap is $2T, and people bid up interest rates on the other $0.5T of exposure.