🌌 Credit is going old-school Institutional borrowers are gravitating toward custody-first, transparent lending structures, and to me that says the market still hasn’t forgiven the 2022 wreckage. The interesting part isn’t the headline demand; it’s the preference for boring plumbing over clever DeFi architecture. 🕸️ I think this is bullish for the legitimacy of crypto credit, but cautious for the pace of expansion. When serious borrowers want standardized terms, they’re voting for fewer surprises and more enforceability — exactly what a scarred market does after getting burned. The bear case is that this trims the experimental upside that made the sector feel bigger than it was; the bull case is that cleaner structure attracts capital that would otherwise stay away. I lean toward the second path, but it’s a slow-burn reset, not a fireworks moment. 👁️‍🗨️ The sharp takeaway: crypto credit is maturing by becoming less crypto-native and more institution-native. ⚠️ Personal analysis only. Not financial advice. DYOR. #CryptoCredit #BTC #InstitutionalFinance