Blackrock's BITA launches june 18. covered call ETF on bitcoin. 0.65% fee, undercuts every competitor. here's the thing: YBTC runs the same strategy and is down 45% over 12 months while BTC is only down 14%. 91-96% of distributions across existing bitcoin income ETFs are return of capital. investors literally receiving their own money back labeled as yield. BITA will probably do the same. but every dollar into BITA buys spot $BTC

or IBIT shares. blackrock is building a $36B JEPI-style demand funnel for bitcoin disguised as an income product. the holders will underperform. the asset won't care. it just absorbs the flow.