BTC on Ethereum diversified
BTC++ it’s a weighed allocation between the different representations of Bitcoin on the Ethereum.
There is a race for bridging Bitcoin to the Ethereum Network. a number of projects have made steps in that direction with adopting solutions that go from 100% custodian services to mechanism design that might result in economic finality for a trustless swap of BTC<->ETH.
Each project has different tradeoffs in terms of security, even assuming the assumptions are correct the risk associated with bugs on the system makes holding those tokens risky in isolation.
Users who want to have controlled exposure to different BTC on Ethereum don't have to deal with complicated and/or expensive rebalancing procedures.
Holders of WBTC/pBTC/imBTC/sBTC.. who have those tokens sitting idly in a wallet can now put them to work so they can effortlessly earn fees.
The tokenized Bitcoin
Arbitrageurs can easily profit by leveling market inefficiencies between DEXs and even CEXs on BTC coins by confidently keep exposure to BTC only in the pools.
Ethereum Smart Contracts seeking liquidity for a variety of other use cases (liquidation positions, trading, etc.) have a single point to look at for all their Bitcoin liquidity needs.