Bitcoin collateralized loans have finally received Fannie Mae's endorsement.

The first Bitcoin-backed mortgage completed by Coinbase and Better is not just a simple marketing stunt of "buying a house with crypto"—it signifies that crypto assets are entering the mainstream US credit system for the first time as standardized collateral.
But the timing of this news is intriguing.
Bitcoin has just fallen below the "fire sale" zone on the rainbow chart, with the fear index dropping to 12, matching levels seen during the FTX collapse.
Charles Schwab strategists point out that around $60k corresponds to the production cost of the most efficient miners, potentially forming a bottom for energy prices.
Mortgage normalization is a long-term positive, but the short-term market is pricing in something else:
Professional investors sold ETF shares worth 52k BTC in the first quarter, while banks are taking them on.
Structural divergence means that the $60k bottom narrative is being redefined by two forces—on one side, the real demand scenarios brought by normalization; on the other, leverage unwinding and capital outflows.
The risk is that if macro panic breaks through the miners' cost bottom, the revaluation of collateral could backfire on lending scenarios.
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