But this is what I'm saying
Well, at least, in respect of the effect on interest rates. In general, the rates are rising in two cases. The first case when there is no supply (let's assume the demand side doesn't change) and this is what you seem to mean, and the second one is when there is demand rising (i.e. when people are looking a shorting opportunity). But in either of these two cases people are expecting the Bitcoin price to tank, right? Since otherwise the supply wouldn't diminish, while the demand wouldn't increase
Yes, we're pretty much on the same page. I'm just not seeing much shorting going on so I think it's mainly lack of supply rather than demand. So rather than thinking that they expect the price to tank, I think they just don't want to be lent out as a precaution on the slight chance that it does, it could take 2 days to get your coins back to be able to react. It's a subtle difference I know but it makes me feel more bullish at the moment
Today's rates are different that yesterday's
If you follow them, you could notice that they increased for over 3 times during the last 24 hours if we talk about short term rates. Yesterday rates for 2-day loans were around 0.02% daily (I managed to borrow at lower than 0.018%), while today they have already surged to over 0.07% and above, and the offers are quickly filled. As to me, that pretty much means exactly what I say, namely, that people are expecting Bitcoin to tank massively. Indeed, it doesn't mean that it will, but personally, I interpret such change in this way