#DeFi生态发展 Russia's Sberbank is issuing Bitcoin-backed loans to mining companies, and this signal is worth paying attention to.

On the surface, it appears to be traditional finance's recognition of crypto assets, but the on-chain implications behind it are even more worth exploring. Pilot projects usually indicate two things: first, a risk testing phase; second, a prelude to potential large-scale promotion. Sberbank ensures asset security through Rutoken custody, which shows they are establishing an institutionalized crypto asset management framework.

From a capital flow perspective, this type of loan model will attract mining companies to use BTC earned from mining as collateral within the financial system, rather than holding it long-term or flowing into exchanges. In the short term, this may suppress BTC selling pressure, but in the long term, it signifies a shift in crypto assets from being "speculative assets" to "means of production."

From the perspective of the DeFi ecosystem, Sberbank mentioned testing DeFi tools, which implies traditional financial institutions are exploring ways to connect with on-chain liquidity protocols. Once Russia establishes a legal framework to support this, similar models could be replicated in other regions, which would substantially boost DeFi ecosystem TVL and trading depth.

It is necessary to continue monitoring Intelion Data's subsequent BTC movements—if the collateralized BTC flows into exchanges or DeFi protocols, it indicates that leverage effects are being amplified.