BTCFi still feels early.
But it also feels far less experimental than it did even a few months ago.
The conversations are changing.
People are discussing liquidity quality.
Risk structure.
Capital efficiency.
Retention behavior.
Not just yield alone.
That shift stands out because it usually happens when a market starts maturing.
Early phases are often driven by excitement.
Later phases become more selective.
And BTCFi increasingly feels like it’s entering that second stage.
The interesting part is that Bitcoin itself hasn’t changed much.
The behavior around Bitcoin has.
That’s probably the bigger story.
Worth watching closely over the next cycle.
Do you think BTCFi is still in the experimental phase, or starting to transition into a more mature market structure?
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