Something specific caught me during the task — not the TVL headline, but where it actually sits across chains.

Bedrock @Bedrock #Bedrock $BR frames its Bitcoin liquidity focus as broad multi-chain infrastructure. And technically it is — uniBTC is live on 15+ networks. But looking at the DeFiLlama breakdown right now: $458.83M total for uniBTC, with $182.1M on Bitcoin native, $132.57M on Ethereum, and $86.44M on Mode — then $34.6M on BOB, $21.25M on BSC, and everything else measuring in the hundreds of thousands. Three chains hold roughly 87% of the liquidity. The "multi-chain" story is structurally true but operationally very concentrated.

That matters because Bedrock's pitch for why it focuses on Bitcoin liquidity is essentially: Bitcoin is trapped capital. Trillions sitting idle, unable to generate yield. The framing implies a distributed unlock across the ecosystem. What's actually happening is a tight cluster of chains absorbing the vast majority of that freed capital, and everything else is barely a rounding error at this stage.

I sat with that for a while. It doesn't mean the direction is wrong — early liquidity always concentrates before it disperses. But the gap between "Bitcoin liquidity unlocked across 15+ chains" and "87% sitting on three chains" is wider than the narrative suggests.

Hmm… wondering whether the long-tail chains ever catch up, or whether Bitcoin liquidity in DeFi just ends up as concentrated as BTC itself always was.