Wu learned that Silicon Valley Bank (SVB) released a report stating that the Bitcoin lending market is gradually recovering from the collapse of BlockFi, Celsius, and Genesis in 2022, moving towards higher collateral ratios, greater transparency, and institutionalization. Galaxy data shows that as of the first quarter of 2026, the crypto-collateralized lending scale has reached $67 billion, a year-over-year increase of approximately 49%. Multiple major U.S. banks have started offering Bitcoin-collateralized loans to some clients, and Ledn completed a $188 million Bitcoin-collateralized asset-backed securities (ABS) issuance, receiving an S&P BBB investment-grade rating—all indicating that the market is gradually integrating into the traditional financial framework. Currently, Bitcoin-collateralized loan interest rates remain in the 7.5%-16% range, higher than traditional securities-backed financing, but as more banks, private credit funds, and institutional capital enter, financing costs are expected to decline further. The report also points out that the Lightning Network could be used in the future for instant margin top-ups, margin calls, and liquidation processes, thereby improving the efficiency of Bitcoin lending and payment infrastructure and driving Bitcoin’s evolution into a mature credit asset class.