10x Research: BlackRock Bitcoin Yield Enhancement ETF (BITA) Strategy Has Defects

10x Research points out that the put call option strategy of BlackRock Bitcoin Yield Enhanced ETF (BITA) has flaws, and investors may outperform spot Bitcoin in most market environments. BITA sells call options on a monthly basis according to fixed rules, and investors make a trade-off between returns and upside potential regardless of fluctuations in Bitcoin prices. 10x Research believes that this systematic strategy is difficult to succeed in the highly volatile Bitcoin market.