好的，这是根据您的专业要求翻译后的内容： BlackRock Bitcoin Income ETF Controversy Heats Up: Strategy Design May Be Flawed, Potentially Underperforming BTC Over the Long Term

Odaily Odaily reports that 10x Research has pointed out potential strategic design flaws in BlackRock's Bitcoin Income Enhanced Exchange Traded Fund (BITA). By generating income through selling call options, this strategy could lead investors to underperform spot Bitcoin in most market environments, potentially failing to deliver the desired absolute returns.

10x Research further noted that BITA executes a fixed monthly call option selling strategy. Regardless of whether Bitcoin's price rises, stabilizes, or falls, investors may end up with an unfavorable trade-off between income and upside potential. Their proposed framework emphasizes "timing and conditional execution," aiming to capture option premiums only in favorable market conditions. 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 through systematic strategies, but most have failed to achieve success.