The controversy over BlackRock's Bitcoin Yield ETF is heating up: there may be flaws in strategy design, which could lead to long-term underperformance against BTC On June 17th, according to a report from TechFlow, 10x Research analysis pointed out that the Bitcoin Yield Enhancement Exchange Traded Fund BITA launched by BlackRock may have strategic design flaws. Its method of obtaining returns by selling call options may lead investors to outperform spot Bitcoin in most market environments, or may not achieve ideal absolute returns. 10x Research believes that BITA executes a sell call option strategy on a monthly basis according to fixed rules, and investors may make unfavorable choices between returns and upside potential regardless of whether Bitcoin rises, falls, or remains sideways; And its proposed framework emphasizes "timing and conditional execution", only obtaining option premiums when the market environment is favorable, while the high volatility of Bitcoin mainly stems from information asymmetry among market participants and a highly marketized market environment. For a long time, many investors have tried to capture this volatility return through systematic strategies, but most have not been successful.