Bitcoin holders are borrowing on Base at record levels. Dollar loans against bitcoin on Morpho’s Base markets are up about 55% this year to $1.6B, and the borrowing rate has dropped from about 7.5% to 5% over the past year. Much of that demand comes from Coinbase customers, who had more than $1.4B in loans outstanding in September. Those customers are using DeFi lending without ever touching it directly.