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