BlackRock’s new ETF reframes Bitcoin exposure by selling volatility for income, trading upside potential for steady cash flow. BlackRock Expands Bitcoin ETF Lineup With Options-Based Income ProductOn Friday, BlackRock filed a registration statement for the iShares Bitcoin Premium Income ETF. Wintermute Warns BlackRock’s Bitcoin Income ETF Could Add Pressure to BTC Options MarketJake Ostrovskis, head of OTC trading at Wintermute, described the filing as more than another ETF launch. IBIT already stands as the largest spot Bitcoin ETF, holding about $69.2 billion in net assets as of Jan. 27, 2026. Private-wealth channels now market Bitcoin-linked yield products in multiple forms, all built on selling volatility.