Kraken’s New Bitcoin Yield Product Pulls In $30 Million Within Hours

[cryptohog]

Crypto exchange Kraken has launched a new non-custodial Bitcoin yield product that attracted roughly $30 million in deposits within just 10 hours of going live. According to infrastructure provider Veda, more than 4,000 unique wallets participated in the launch, highlighting growing demand for passive income products tied to Bitcoin.

The new product offers around 2.5% annual yield and is designed to simplify Bitcoin earning opportunities without requiring users to manually bridge assets or manage complex DeFi setups. Kraken says the product converts deposited Bitcoin into wrapped Bitcoin before allocating it across lending protocols like Aave and Morpho to generate returns.

The launch reflects a broader trend in crypto markets as investors increasingly search for yield opportunities beyond traditional trading. While Ethereum and Solana ecosystems have long supported staking and DeFi rewards, Bitcoin-native yield products have historically remained far more limited due to the blockchain’s simpler design.

[cryptoenthusiast]

bitcoin maximalists watching wrapped btc enter defi protocols is still one of the funniest cultural contradictions in crypto

[cryptoenthusiast]

“non custodial yield” is basically crypto’s attempt to let users chase returns while feeling emotionally safer