Originally Posted by Mjölnir
In mythology Loki is the mother of Sleipnir so there's plenty of precedence for all sorts of weird sexuality. Far weirder than what seemed to chock some posters a few weeks ago.
Most modern adaptations of Loki I've read seem to have some kind of non-normative gendersex thing going on, and in the myths he was definitely what the Norse would have called argr (unmanly), though Loki pointed out that Odin wasn't exactly the manliest of men either. They both lived as women for a time, apparently. There's also some interesting scholarly analysis of the fragments of myths that survive that address evidence pointing to Loki and Odin being lovers. Male-on-male sex wasn't actually disallowed in Norse society, and the "giving" partner had his masculinity in no way compromised. Vikings often raped their vanquished male foes. The "receiving" partner was seen like a woman. With the advent of Christianity, male-on-male sex was consequently treated as sinful, and so scholars of myth have to sift through the written remains of the old heathen religion with an eye to the Christian bias when it was written down, often centuries later.
Male priests often cross-dressed, especially those of Odin, god of seidr. Seidr was the women's form of magic and so involved "becoming" a woman by dressing as one in order to be possessed (like being penetrated) by the magic, using techniques such as mushrooms and self-torture to effect a trance. Berserkers also used seidr to be possessed by the bear and the wolf, despite their modern macho reputation. It was all pretty tribal and strange for us. Most common men were devotees of the macho, straightforward Thor and Tyr; Odin was too scary as the god of death for most to follow specifically. Marvel's version(s) of Asgard is obviously very different to that of the Norse.
tl;dr off topic