Coinbase is expanding a program that lets people borrow against their Bitcoin to buy a home, which is good news for crypto holders who want a house without selling their coins — though the near-term call on crypto prices is bearish.

• Coinbase, working with Better Mortgage, now lets its members pledge crypto as collateral toward a down payment while keeping the coins.
• The deal pairs a normal Fannie Mae mortgage with a separate crypto loan, structured to avoid forced selling if Bitcoin drops.
• Credit and income checks still apply, and demand looks strong — the waitlist points to hundreds of millions in loans.
• Bitcoin is seen topping out here in a bear trap, with a bottom expected between late September and early November, following the four-year cycle.
• Housing is already about 10% off its 2022 peak, and the pitch is to buy crypto low, then use it to buy homes as prices and mortgage rates fall.

Outlook: Expect crypto to slide further into the fall before any new run, with borrowing against coins becoming a more common way to buy property.