$4.4 trillion market cap? Try getting a loan against it.

Crypto market cap just hit $4.4T today, according to Coingecko. CoinMarketCap shows a bit less — around $4.3T.

But honestly, does anyone take those numbers seriously? Nobody really believes you could put all crypto up for sale and find buyers ready to pay trillions of dollars for it. The global banking compliance system would collapse long before that much money could even move from “buyers” to “sellers.”

Sure, you could sell crypto for stablecoins — but the total supply of all stablecoins combined doesn’t even reach a tenth of that supposed market cap.

So I started thinking: how could we measure what the crypto market is actually worth?
Here’s one idea:
Instead of selling your crypto, what if you use it as collateral for a loan — how much would you get?

That amount, I believe, is the real fair-market value of all existing crypto.

It’s even measurable. There are plenty of companies and DeFi protocols that lend against different assets. Those loans are always over-collateralized — you won’t get $4,600 for 1 ETH, more like $3,000. Same with BTC. And some coins can’t be used as collateral at all.

Valuing crypto through its borrowing potential feels much more honest. It doesn’t rely on imaginary sell-side liquidity, yet it reflects how much the market is actually willing to offer for the total supply of any coin.

Has anyone ever calculated this metric? Have you come across anything like it?

P.S. At rabbit.io, our rates are also as real as it gets — if you see an exchange rate after entering your amount, that’s the actual rate you can get for that amount.