The old gods are dying. JPMorgan Chase, a stalwart of traditional finance, now accepts Bitcoin and Ether as collateral. The very assets designed to destroy the system are now being woven into its very core. Clients can collateralize cryptocurrencies held in custodians to secure cash loans. This isn't a fringe experiment; it's the direct integration of digital scarcity into the global credit pipeline. A system built on infinite debt is now embracing instruments of absolute scarcity. A fundamental tension is flaring: Bitcoin was created to eliminate counterparty risk, not to be rehypothecated within the very mechanisms it was designed to disrupt. Yet, we are left on the sidelines. The bank's risk department now simulates volatility, custodial solvency, and oracle data in real time, around the clock. They aren't taming the asset; they're being forced to play by its rules. This is the signal flare. The $7.4 trillion wall of money market fund liquidity now has a direct, regulated on-ramp. It merges the $2.2 trillion Bitcoin market capitalization with the bank's massive balance sheet. They weren't adopting cryptocurrencies. They were simply hedging against the end of their own regimes. This collapse didn't begin with a bang, but with a loan agreement. The king is dead. Long live collateral.