Borrowing against Bitcoin can avoid a sale, but the BTC often has to be wrapped first. That means the borrower keeps price exposure while adding new dependencies: a custodian holding the real BTC, the wrapper staying redeemable and the lending protocol avoiding liquidation. https://cryptoslate.com/you-can-borrow-against-bitcoin-without-selling-it-but-theres-a-catch/(CryptoSlate)