Lots of gay symbolism there:
1. Loki is upset over the attention that other men were giving a male god.
2. The male god can only be killed by a symbol of male virility, Maybe a symbolic rape?
The story may have a heteronormative end, but it's inspired many male artists to emphasize masculine beauty by painting a muscular, naked man next to a fully-clothed lady.
Such as Marten Eskil Winge (1863).
Or Christoffer Eckersberg (1810)
Or Karl von Gebhardt.(1891)
Ernst Hermann Walther (1851) gives us a Loki with no Sith.
19th century writers often reformed Loki, making him a friend to humans and bringer of fire, like Prometheus.
But more recently, he has been demonized again, appearing in movies and comic books as a god of evil who wants to destroy the world. Some notable Lokis on film have been played by Tom Hiddleston (top photo), David Blair, and Jayson Sloan.