#比特币ETF产品 Seeing this move by BlackRock, I need to calmly analyze the underlying logic. Listing Bitcoin alongside U.S. Treasuries and the seven tech giants as the three main pillars of an investment portfolio sounds very exciting, but there's more beneath the surface worth pondering.

BlackRock's narrative framework is very clear: Bitcoin = digital gold, hedging against sovereign debt and currency devaluation risks. The argument itself is fine, but the problem lies in—behind institutionalization, toolification, and ETFization, retail investors often end up as the last bagholders. Remember the hype when gold ETFs first launched? In the end, those who truly held physical assets still outperformed.

Now BlackRock is preparing a "yield-bearing" Bitcoin ETF, using covered call strategies to generate income. It sounds professional, but in reality, it's just helping institutions lock in profits while dispersing risks to retail investors seeking "extra returns." I'm very familiar with this approach—initial hype to boost awareness, followed by using complex derivatives to harvest participants.

My straightforward advice: beware of institutional products that are packaged very attractively. Bitcoin's value does exist, but don't be blinded by the "three pillars" narrative. Instead, ask yourself what you truly understand—Bitcoin itself, or the complex design of a financial product? To survive this narrative shift, the key is to stay alert and not overlook risks in pursuit of "optimized returns."