Bitcoin is recognized as the largest pool of high-quality collateral, yet borrowing costs remain elevated due to underdeveloped credit market structures. According to NS3.AI, while traditional loan markets efficiently recycle capital through standardized, tradeable debt instruments, Bitcoin-backed lending is currently limited to loan origination without the presence of secondary markets. Emerging onchain architectures are now integrating pools with orderbooks and standardized fixed-term loan units. This development is expected to enhance liquidity, reduce borrowing costs, and foster the growth of robust credit markets utilizing Bitcoin.