Nexo Loan Withdrawal in USDT and UK Tax

Hi, about a year ago I took out loans on Nexo using BTC as collateral and withdrew the loans in USDT which I then immediately exchanged to BTC and then to GBP for transfer to my bank account via Coinbase.

My question is do I have to report these crypto loan withdrawals in the UK? I’ve heard that loans of this nature are not classed as income, is that correct?

Thanks for any info.

To my knowledge that’s right as it’s a loan and you haven’t sold the underlying asset