BTCFi is entering a phase where simply farming incentives is no longer enough. The easy opportunities are disappearing. Some projects are running out of runway, some incentive programs are winding down, and capital is starting to concentrate around ecosystems that can actually sustain long-term activity. Report | May 31 - June 6 | BTC Farming Current portfolio performance: • Net yield earned: +2.04% • Annualized: ~3.70% APR 📍 Starknet BTC Staking Deposited - 0.05 BTC Base APR - 2.57% No changes here. I moved all accumulated rewards into @vesuxyz Prime Lending, currently yielding 2.48%. As a result, the effective yield on this portion of the portfolio increased to ~3.11%. Nothing dramatic, but it's a simple way to make accumulated rewards continue working instead of sitting idle. 📍 Hyperithm Delta Neutral cbBTC Vault → Direct Hyperithm Strategy After thinking it through, I decided to remove an extra layer from the stack. Instead of accessing the strategy through the previous route, I moved directly into the underlying Hyperithm Delta Neutral cbBTC Vault on @Morpho Deposited - 0.025 BTC APR - 3.74% The thesis remains the same: market-neutral BTC yield through basis spreads, funding rates, and structured lending opportunities. Sometimes the best optimization isn't finding a new strategy - it's removing unnecessary intermediaries. 📍 Lagoon Flagship cbBTC Vault Deposited - 0.025 BTC APR - 4.04% No changes. Still one of the more balanced BTCFi positions in the portfolio. The yield isn't the highest available, but the multi-strategy approach and risk-adjusted framework remain attractive compared to many incentive-driven alternatives. The market feels weak right now. Over the next few months, I expect more incentive-heavy programs and weaker ecosystems to struggle or disappear entirely. BTC liquidity is becoming more selective. My current view is that ecosystems like @Stacks , @build_on_bob , @Starknet and @rootstock_io are likely to come out of this period stronger than many others. The next opportunities probably won't come from simple "deposit and farm" products. They'll come from: 1. ecosystem-specific programs 2. private offers and campaigns 3. structured vaults 4. more complex capital strategies I've also looked at leveraged lending and borrowing strategies, but those are much more attractive during sideways markets. When volatility returns, what looks like impermanent loss can quickly become a permanent mistake. For now, the focus remains the same: - Preserve BTC. - Keep it productive. - Stay liquid enough to rotate when better opportunities appear. Most of those opportunities still make it onto my radar through @btc_board before capital moves.