I kept thinking about why Bitcoin liquidity often feels different from every other asset. At first I assumed capital behaves the same everywhere. If the returns are attractive enough, people deposit. If they're not, they leave. Looking closer at Aave's Bitcoin Spoke made that assumption feel too simple. It isn't only separating collateral. It's quietly separating intentions. Most people bringing BTC across aren't trying to trade in and out every week. They're trying to find out whether their Bitcoin can do more without giving them a reason to part with it. The onboarding process isn't just friction either. Every bridge, wrapper, and verification step naturally filters for people who already believe the destination is worth the effort. By the time liquidity arrives, what's left often feels less reactive than the capital that never made the trip. It makes me wonder if long-term liquidity is shaped less by rewards and more by the kind of commitment a protocol quietly asks for before anyone deposits.
@BabylonLabs_io $BABY #baby