[BlackRock Bitcoin Yield-Enhanced ETF Controversy Heats Up: Strategy Design May Have Flaws, Could Underperform BTC in the Long Term] Odaily Planet Daily News: 10x Research has pointed out that BlackRock's Bitcoin Yield-Enhanced Exchange-Traded Fund (BITA) may have flaws in its strategy design. Its approach of generating income by selling call options could, in most market conditions, lead investors to underperform spot Bitcoin and fail to achieve desirable absolute returns. 10x Research further noted that BITA follows a fixed-rule strategy of selling call options monthly, regardless of whether Bitcoin is rising, trading sideways, or declining. This could force investors into unfavorable trade-offs between income and upside potential. The proposed framework emphasizes 'timing and conditional execution,' aiming to capture option premiums only when market conditions are favorable. However, Bitcoin's high volatility primarily stems from information asymmetry among market participants and a highly speculative market environment. Over the long term, many investors have attempted to capture this volatility premium through systematic strategies, but most have failed to achieve success.