Most BTCFi products are built for the wrong type of Bitcoin holder. The biggest holders won’t give up custody, no matter how good the yield looks. Muneeb made this exact point here. Everyone talks about bringing BTC into DeFi like Bitcoin holders are one group. They're not because Institutions, treasuries, and OG holders usually don’t want to give up custody just to earn yield. sBTC helps bring Bitcoin into the onchain economy for people who are comfortable using DeFi. But self-custodial BTC staking is the bigger institutional unlock, because it lets holders keep custody of their Bitcoin while still earning BTC-denominated yield. And the early base is already forming: • sBTC hit a $545M TVL peak • $121M deployed across Stacks DeFi • Zest has $75.9M TVL in BTC lending • Bitflow did $67.4M volume in Q1 • Hermetica hBTC showed 5.60% 7-day APY Honestly, the first lane was always gonna get built. It's the custody-first lane that decides whether the trillion-plus in idle BTC ever does anything. Glad to partner with @Stacks to highlight this one.(Edgy - The DeFi Edge 🗡️)