Hear me out....
Yield generating apps like Nexo, Celsius, Yieldapp, Blockfi etc all encourage you to lock your Bitcoin to generate apy yield. Most do not reveal their investment strategy, but it is likely that they lend your BTC out to exchanges like Binance / Coinbase or sell it for other coins (like stable coins) that they can use to generate higher returns on various Defi protocols.
This has the effect of diluting the BTC price by creating, in effect, artificial sell pressure on paper BTC.
Hundreds of thousands of BTC are currently "locked" by users on yield apps. What would happen if the Bitcoin community wakes up to this and withdraws all of their coins to self custody? Potentially a much higher BTC price, well outstripping any potential yield gains, and with lower risk!
Thoughts?
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