Will the defi crypto:fiat interest rate become an interesting indicator?

As bitcoin goes past $40-80k (IF it does this year) do you think we'll see a rate change between defi platforms lending crypto for fiat and vice versa.

For example, if people predict that bitcoin will go up to $350k as a lot are saying right now,then a drop to $20-60k would be likely so people might be taking loans against their fiat value to rebuy btc at a lower rate (and sell or transfer the btc without using an exchange or using defi as part of a trading strategy. The idea that it could be more expensive to do this could be outweighed by its instantaneous nature and the security of it (as exchanges often have a few frequent addresses they use to store funds and are at the very least prone to social engineering attacks).

If this were the case, as fiat loan demand reduces so will its interest rate and as crypto demand goes up so too will its lending rate so a divergence similar to the treasury bonds signalling a recession may be analysable.