Opinion by: Armando Aguilar, head of Capital Formation and Growth in Teahash
Bitcoin has been regarded as a pure inert asset for years: a decentralized vault, economical passive despite fixed release schedule. But more than $ 7 billion worth of bitcoin (Btc) The native, onchain harvested through major protocols – that premise is falling.
The gold of the $ 23-trillion market cap is usually seated. Bitcoin, in contrast, now earns onchain, while holders maintain care. As the new layers return, Bitcoin crosses a structural threshold: just from passive to productive scarce.
That change will quietly redefine how the capital prices risk, how institutions provide reserves and how portfolio theories provides safety. The deficiency may explain price stability. However, productivity explains why miners, wealth and funds are now parking assets at BTC rather than just developing around it.
A vault asset that earns yield is no longer digital gold – it is productive capital.
Things in deficiency, but productivity rules
Bitcoin’s economic DNA has not changed: the supply remains trapped in 21 millionThe issuance schedule is clear, and no central authority can be theflate Oi -censor it. Lack, auditing and resistance to manipulation have always separated Bitcoin, but in 2025, these differences and unique factors began to mean more.
As the release rate is locked, although new protocol layers allow BTC to produce onchain returns, Bitcoin is now getting traction for what it enables. A new set of tools provides holders of the profitability of the real yield without giving up on caution, relying on centralized platforms and changing the base protocol. It leaves basic Bitcoin mechanics but changes how capital is in contact with the owner.
We are already seeing that effect on training. Bitcoin is the only crypto asset to be officially held in the Sovereign Reserve: El Salvador Continue to allocate BTC to its national ark. Meanwhile, funds exchanged by Spot Exchange (ETF) now hold more than 1.26 million BTC-more than 6% of the total supply.
Related: US Bitcoin Reserve compared to gold and oil reserves: How do they compare?
Also in mining, public miners are no longer in a hurry to sell. Instead, a growing part provides BTC with staking and synthetic yield techniques to improve long -term return.
It becomes apparent that the original value proposal changed cleanly in the design but deeply valid. What once made Bitcoin reliably now makes it strong too-the once passive possession becomes a possession of produce. It puts the foundation for what’s next: a native yield curve that forms around Bitcoin itself, not to mention the assets linked to Bitcoin.
Bitcoin earns without providing control
Until recently, the idea of seeing a return to crypto seems out of reach. In the case of Bitcoin, it is difficult to find a non-custodial produce, at least not to compromise its neutrality base-layer. But that thought is no longer holding. Today, new protocol layers allow holders to place BTC in ways limited to centralized platforms.
Some platforms allow long-term stakes that are native BTC stakes to help secure the network while earning a yield, without wrapping the property or transferring it to chains. In this regard, others allow users to use their Bitcoin in decentralized financial apps, earn fees from swaps and lending without giving up on ownership. And the catch is none of these systems that require the delivery of keys to a third party, and no one relies on the type of tragic yield games that have caused problems in the past.
At this point, it is clear that it is no longer a pilot-scale. In addition, the strategies aligned with the miner quietly get traction with companies looking to boost the ark’s efficiency of the ark without leaving the Bitcoin ecosystem. As a result, a curve native to bitcoin and grounded in transparency begins to form.
When Bitcoin’s yield becomes accessible and self-preserved, another problem arises: how can you measure it? If the protocols are available and accessible, then the clarity disappears. Because if there is no criteria to describe what the productive BTC earns, investors, wealth and miners are left to decide on darkness.
Time to benchmark bitcoin yield
If bitcoin can earn a return, then the next logical step is a straightforward way to measure it.
So far, there is no standard. Some investors see BTC as a hedge capital; Others place it to work and collect yield. However, there are inconsistencies in what the actual benchmark is to measure Bitcoin, as there are no truly comparable properties. For example, a Treasury team can lock the coins for a week but there is no simple way to illuminate the risk, or a miner may be able to reward a rewards at a yield approach but it is still considered as a change of Treasury.
Consider a mid-sized decentralized autonomous organization with 1,200 BTC and six months of payroll ahead. It places half in a 30-day vault in a secured bitcoin protocol and earn a yield. But without the baseline, the team couldn’t tell if it was a careful move or a risk. Both options can be praised as a wise treasury task or criticized as chasing the yield, depending on who is studying the approach.
What Bitcoin needs is a benchmark. Not a “risky risk rate” in the sense of the bond market, but a baseline: over and over, with customied and onchain produce that can generate native to bitcoin, net fees, which are combined with term-seven days, 30, 90. The structure is enough to yield from predictions to something that can be referred and used as a benchmark.
When it exists, Treasury rules, disclosure and techniques can be built around it, and all in the upper baseline can be priced for what it is: the risk of getting or not.
That is where the parable with gold falls. You are not paid by gold – productive bitcoin. The longer wealth treats the BTC like a vault trinket without returning, it is easier to see who is in charge of the capital – and who simply stores it.
Opinion by: Armando Aguilar, head of capital formation and growth in Tehahash.
This article is for general information purposes and is not intended to be and should not be done as legal or investment advice. The views, attitudes, and opinions expressed here are unique and do not necessarily reflect or represent the views and opinions of the cointelegraph.
