BTCFi Alpha File #07: August 13m2

January 2024 rewired Bitcoin’s demand curve.

Spot ETFs made buying $BTC a requirement, not a choice.

Flows are mechanical, execution is instant...and none of it earns yield yet.

BTCFi is about to change that.

● From Exposure to Productivity

Capital with a permanent bid eventually asks:

“What can this $BTC do while we hold it?”

Spot Bitcoin ETFs today is inert. Perfect for price exposure, useless for cash flow.

The unlock?

Yield-bearing BTCFi products that keep native withdrawal guarantees and fit compliance guardrails.

ETF allocators are already primed:

✅ Long horizons

✅ Scale

✅ Preference for stable, risk-adjusted returns over headline APYs