The US stock market, BTC, and gold have all reached new highs. However, it feels like there's not much to do, as I entered the space relatively late. I got into DEFI and excitedly bought ETH at the peak of the bull market. But DEFI is a product of 2020-2022, and my understanding lagged a version behind, resulting in a dismal outcome, holding ETH and some DEFI altcoins, and being educated harshly by the market. The good thing is that I restrained myself from over-investing in coins; otherwise, I probably wouldn't have the courage to buy coins again in the future. Then, through arbitrage, DEFI helped me recover my losses. Thanks to the BTCFI narrative line from @babylonlabs_io + @SolvProtocol + @AVALON, and the PAYFI line from @humafinance, the airdrops from these two narratives provided me with some unexpected returns. The remaining funds mainly come from various staking/LP incentives + funding fees. To be honest, this yield isn't considered high within the space, but compared to outside the space, it's shockingly high. It's all still a matter of understanding, gradually realizing where the excess returns of various assets in the crypto space lie, and where the consensus BETA is. It's somewhat regrettable and helpless that in the BTCFI narrative, BTC is mined after hedging. If I were to buy, it would be a different story. Currently, BTC is being roasted on the fire by institutions, forming a conspiracy, with MicroStrategy issuing preferred shares to leverage up, hoarding BTC, and the spot market shifting from retail to institutional hands. The financing cost of preferred shares is around 8%-10%, and MicroStrategy's average cost for BTC is around 70,000. BTC would need to enter a long-term downward bear market for MicroStrategy to be forced to sell BTC to repay debts, creating a negative cycle. However, BTC's annualized compound growth rate over the past decade is 40%. In other words, a 40% compound growth rate covers a 10% financing cost of preferred shares, resulting in a net interest margin of 30%. Perhaps this is the true BTCFI.