#BlackRock Files for #Bitcoin #ETF with Downside Protection Proposed fund called iShares Bitcoin $BTC Managed Protection ETF (PBIT). Uses options on its existing IBIT spot Bitcoin ETF instead of holding BTC directly. BlackRock submitted a preliminary prospectus to the SEC for a product designed to limit downside while capping upside. It would use overlapping options sets that typically aim for around 10% maximum loss exposure per tranche before fees, with one set usually rolling each month. IBIT currently holds about $65.7 billion in assets. The new fund does not guarantee a fixed floor or ca, the prospectus notes losses can still be larger depending on market conditions. Similar buffered Bitcoin products already exist from managers like Calamos, First Trust, and Innovator. BlackRock continues to focus its U.S. spot crypto ETF lineup on Bitcoin and Ethereum for now. #BTC Price Analysis# #Macro Insights#