1月27日，在全球金融资产加速数字化的进程中，顶级资管巨头贝莱德正试图通过创新的产品结构重新 定义加密投资。FPG财盛国际认为，贝莱德近期向美国证交会提交的"iShares比特币溢价收益ETF"申 请，标志着数字资产投资已从单一的"趋势博弈"转向更加成熟的"现金流管理"阶段。作为管理规模高达 12.5万亿美元的行业领军者，贝莱德此举不仅是为了丰富产品线，更是捕捉到了投资者在波动市场中对 确定性收益的迫切需求。 在产品运行的底层逻辑方面，该基金计划采用经典的备兑看涨（Covered Call）策略。该策略通过主动 管理比特币头寸——尤其是利用已具统治地位的iShares比特币信托（IBIT）所持有的超过697亿美元资 产——并卖出相应的看涨期权来换取权利金。FPG财盛国际认为，这种模式本质上是在波动性中"提 纯"利润，将比特币特有的高波动率转化为投资者的季度或月度现金分红。然而，这种收益的获取往往 意味着投资者放弃了资产价格大幅飙升时的超额收益空间，属于典型的"以空间换时间"的防御性配置。 从市场已有的同类数据表现来看，收益与风险的平衡依然极具挑战。FPG财盛国际表示，目前市面上类 似的加密收益基金如YBTC和 ...

Core Viewpoint - Bitcoin experienced a relief rally during Thanksgiving Week, rising approximately 7%, potentially signaling the start of a more substantial rebound supported by the Federal Reserve's possible interest rate cuts in December [1][4]. Group 1: Bitcoin Market Dynamics - The NEOS Bitcoin High Income ETF (BTCI), valued at $820.5 million, offers a significant income stream with a 30-day SEC yield of 28.36%, making it an attractive option for investors [2]. - The recent liquidation of tens of billions in long bitcoin positions has put pressure on the market, but a potential rate cut by the Fed could improve the situation [3][4]. - The current market pullback is attributed to uncertainty regarding the Federal Reserve's actions rather than a decline in underlying demand for bitcoin [4][5]. Group 2: Investment Implications - BTCI's income stream is not heavily reliant on Federal Reserve policy, but bitcoin's price movements are influenced by factors such as dollar weakening and lower real yields [5]. - As interest rates fall, traditional cash investments like CDs and money markets may become less attractive, prompting risk-tolerant investors to consider BTCI [6]. - The structural demand for bitcoin, combined with improving liquidity, suggests that the cryptocurrency may still be in a bull market despite recent drawdowns [6].