BlackRock just filed for a $BTC ETF with training wheels. iShares Bitcoin Managed Protection ETF.
Basically uses options on $IBIT to cap your downside at ~10% per tranche. Cool. Except it also caps your upside.
So you get protection from volatility... by giving up the exact thing that makes Bitcoin interesting in the first place. This is for people who want exposure without exposure. TradFi gonna TradFi I guess.
Not saying it won't sell. It probably will. But if you're capping gains in an asset that historically does 10x runs, what are we even doing here?
Basically uses options on $IBIT to cap your downside at ~10% per tranche. Cool. Except it also caps your upside.
So you get protection from volatility... by giving up the exact thing that makes Bitcoin interesting in the first place. This is for people who want exposure without exposure. TradFi gonna TradFi I guess.
Not saying it won't sell. It probably will. But if you're capping gains in an asset that historically does 10x runs, what are we even doing here?