贝莱德比特币收益型ETF争议升温：策略设计或存缺陷，长期可能跑输BTC

Odaily reported that 10x Research analysis points out that BlackRock's Bitcoin Enhanced Yield Exchange-Traded Fund, BITA, may have strategic design flaws. Its method of generating returns by selling call options could lead investors to underperform spot Bitcoin in most market environments, potentially failing to achieve the desired absolute returns.

10x Research added that BITA executes a monthly call option selling strategy according to fixed rules. Regardless of whether Bitcoin rises, consolidates, or falls, investors may face an unfavorable trade-off between yield and upside potential. The framework they proposed emphasizes "timing and conditional execution," only collecting option premiums when market conditions are favorable. However, Bitcoin's high volatility primarily stems from information asymmetry among market participants and a highly marketing-driven market environment. Over the long term, many investors have attempted to capture this volatility income through systematic strategies, but most have been unsuccessful.