Bitcoin isn't just sitting there anymore

Something changed in 2024 that caught me off guard. I've been watching Bitcoin get parked in treasuries and ETFs for years, treated like digital gold that just sits there. But now there's over $7 billion in BTC earning actual yield onchain while holders keep their keys.

This isn't the sketchy centralized lending we saw blow up before. These are protocols letting you stake native Bitcoin to secure networks, or put it to work in DeFi without wrapping it or moving chains. No third party custody required.

What's interesting is how this changes the calculation for institutions. Why would a miner immediately sell Bitcoin when they can stake it and earn more? Why would a treasury treat it as dead weight when it can generate returns?

The gap between people who see this shift and those still thinking "digital gold" is getting wider. ETFs now hold 6% of total supply, El Salvador keeps adding to reserves, and the US just recognized Bitcoin as strategic infrastructure.

But here's what I'm curious about: if Bitcoin can earn yield natively, how do we even measure what good returns look like? There's no benchmark yet. A DAO might earn 4% on a 30-day lock but have no idea if that's conservative or aggressive.

Once Bitcoin becomes productive capital instead of just scarce capital, the whole risk/reward equation shifts. Are we ready for that transition or still stuck thinking about it like a vault asset?