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Research firm 10X Research has taken direct aim at BlackRock's new Bitcoin volatility ETF, labeling it a "yield trap" and arguing the product has the underlying mechanics backwards.
The criticism lands as institutional Bitcoin products continue to multiply and compete for capital that flowed into spot $BTC ETFs.
The Core Charge: Backwards Construction 10X Research's critique centers on structural logic.
The firm's argument, as reported, is not simply that the ETF underperforms — it is that the product is fundamentally inverted in its design.
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