Invest ideasNews
23 Mar 2026, 11:15
BTCI: No, It Does Not Really Have A 43% Yield
Summary The NEOS Bitcoin High Income ETF offers a striking 43% trailing yield by harvesting Bitcoin's volatility via covered calls. BTCI's yield enhancement is largely illusory: its price returns underperform Bitcoin; its total return is only 2.7% better [TTM] in a bear market. The fund's high management fee (0.99%) and wide bid-ask spread further erode investor returns compared to standard ETFs. The covered call strategy limits upside in bull markets and may involve significant returns of capital, making BTCI unattractive for price appreciation-focused investors. In this article I explain why I'd sell BTCI were I holding any today. The NEOS Bitcoin High Income ETF ( BTCI ) is a covered call ETF that uses yield enhancement to squeeze as much income as possible from Bitcoin's ( BTC-USD ) legendary volatility. Bitcoin is more volatile than the stock market, and volatile assets tend to produce high option premiums. So, it should come as no surprise that BTCI has a high trailing dividend yield, 43% according to Seeking Alpha Quant . With higher volatility comes higher yield. The ability to turn Bitcoin's volatility into cash income may seem exciting. Bitcoin has been trending basically flat over the last few years, meaning it has provided little return while being exposed to considerable risk. Bitcoin's price return (i.e., its only return) is less than half that of the S&P 500 in the last five years. BTCI promises to turn Bitcoin's volatility into a source of return, collecting large option premiums and paying them out to shareholders, giving them a little buffer against Bitcoin's price declines. Bitcoin lags the S&P 500 (Seeking Alpha Quant) A 25% total return over five years is only 4.59% CAGR. So, Bitcoin has delivered underwhelming returns over the last five years, barely more than flat if you look at the results on a compounded annual basis. This fact arguably makes Bitcoin appealing for use in a covered call fund. Such funds actually perform best in sideways or near-sideways markets because their strategy is all about sacrificing upside for premium income. When there's no upside to be had, the premium income that covered calls provide leads to real outperformance. Few asset classes have performed as perfectly for a covered call strategy over the last five years as crypto. First, it has been extremely volatile, resulting in high premium income. Second, it has trended slightly bullish but close to flat over the long term. Both of these characteristics are well suited to the covered call strategy. In the last year, I've covered a number of covered call funds, generally giving them bullish coverage. My reasons for giving these funds good coverage were not their yields as such, but rather the downside protection that their yields offer. We have been in an environment of steep valuations since the start of the year; since the onset of the Iran war, we've been in an environment of elevated risk as well. A little downside protection is just what the doctor ordered in this environment. Nevertheless, not all covered call funds are worth it. With an asset like Bitcoin, the investor's main concern is achieving price appreciation. For this type of investor, getting a lot of income is immaterial if it reduces total return, as the investor isn't dividend biased. Additionally, investing in Bitcoin through any type of fund or dividend gets rid of the cryptocurrency's "convenience yield," which is the ability to spend, donate, or remit your cryptocurrency. For the two reasons just mentioned, I do not think that BTCI is worth the investment. Dividend Potential Before I go any further, I should explain what the good aspects of BTCI are so you know the case counter to the one I'm going to make. As I'll reveal shortly, there are many things wrong with the idea of a covered call Bitcoin fund. But this fund's yield is undeniably high. According to Seeking Alpha Quant, BTCI has a trailing yield of 42.73%, which is the highest of any fund I've ever looked at. Objectively speaking, it is above average, even for high-yield ETFs. So, what's the downside here? There are two: BTCI, like any other covered call fund, limits upside in bull markets. This is because calls-the instruments that BTCI uses to increase yield-require you to sell your shares when a certain threshold is crossed. The yield enhancement (or partial hedge) from covered calls is not very powerful. As you can see in the chart below, BTCI's 12-month total return was negative. Additionally, if you look at the Bitcoin chart (second below), you can see that Bitcoin's return was -16%, only a few points below BTCI's -13.3%. This implies that BTCI's apparently large yield only delivered about a 2.7% improvement over the underlying in a bear market for that underlying! BTCI: Price and Total Return (Seeking Alpha Quant) BTCI Price Return vs Bitcoin Price Return (Seeking Alpha Quant) How BTCI's Yield Enhancement Works Looking at the yield information about BTCI that I provided above, you might be tempted to run out and buy some shares. Few funds yield 43%--surely that's enough to justify the investment, even with the price going down, right? Not necessarily. BTCI gets its yield from calls on Bitcoin futures. The fund 'holds' its Bitcoin in the form of Bitcoin ETPs , which are options on Bitcoin. This removes the fund's need to store its own Bitcoin, manage passwords, etc. Second, the options layer is written on Bitcoin ETFs, which are funds that hold Bitcoin. The two instruments together are designed to replicate the performance you'd get by buying Bitcoin and writing call options on that Bitcoin. Has the fund actually done that historically? Let's explore that question now. Historical Dividend Performance There's no denying that BTCI has a high apparent yield. However, when you look at how the fund has performed on a total return basis, things start to look a little different. Below you can see BTCI's 12-month dividends, courtesy of Seeking Alpha Quant. BTCI 12 month dividends (Seeking Alpha Quant) These are certainly ample dividends. They sum to 14.3, which, at today's unit price of $33.45, provides a yield of 42.73%. It's a decent payout. But look at the image below, which shows Bitcoin's price return vs. BTCI's price return. BTCI vs Bitcoin: Price Return (Seeking Alpha Quant) As you can see, BTCI's price return was more than twice as deep into the red as Bitcoin's. In other words, it underperformed Bitcoin on a price return basis-and on a total return basis, as I showed in a previous section. Now, why is this happening? Supposedly the main issue with covered calls is that they cap your upside. They're supposed to track the underlying asset's price return while delivering much more dividend income during bear or non-trending markets. Nevertheless, BTCI's price return has lagged that of Bitcoin in a severe Bitcoin correction. For this reason, I think that BTCI's fund managers are doing significant returns of capital and not actually earning as much premium income as the dividend history table indicates. Put differently, the fund's "yield" is a mirage. Part of it, anyway. Fees and Other Expenses Another issue with BTCI is its expenses. The fund has a 0.98% management fee and 0.01% worth of other expenses. These sum to a 'management expense ratio' of 0.99%. This is far higher than most ETFs out there. Additionally, the fund trades at a 0.06% premium to its holdings and has a 0.12% bid-ask spread, about 12 times that of a typical S&P 500 fund. The price of admission to BTCI is quite high. BTCI's spread and premium (NEOS) The Bottom Line The bottom line on BTCI is that it just doesn't have that much to recommend it. Covered call funds are supposed to outperform their underlying assets when their underlying assets are in bear markets. BTCI only outperformed Bitcoin by 2.7% over the last 12 months while paying out huge sums in dividends. This leads me to think that the fund is doing huge returns of capital or falling prey to tracking error. Either way, it doesn't interest me.
23 Mar 2026, 11:15
Bybit Spring Blossom: Rewards in Full Bloom with 15,500 USDT in Prizes this Spring
Dubai, United Arab Emirates, March 23rd, 2026, Chainwire Bybit , the world’s second-largest cryptocurrency exchange by trading volume, invites traders to be part of its limited-time Spring Blossom event, featuring a 15,500 USDT prize pool. Participants accumulate lucky draw entries through all eligible activities after signing up for the event. After signing up for the event, participants accumulate lucky draw entries through all eligible activities. From now until April 20, 2026, Bybit’s exclusive Spring Blossom lucky draw chances are reserved for eligible users who may complete three simple tasks: Fiat Deposit: Participants can deposit funds through supported fiat payment methods to earn up to 7 lucky draw chances. Eligible deposit methods include P2P Trading , Fiat Deposit , and One-Click Buy on Bybit. Trading Rewards: Eligible trading activities may entitle participants to up to 4 additional lucky draw chances, with rewards tied to trading volume milestones achieved throughout the event period. Season of Sharing: Users introducing their friends to the Bybit experience will receive 1 additional lucky draw chance per successful referral during the active event window. Bybit is committed to supporting and fostering the growth of its community. At the opportune time of spring, the platform rewards deposits, trading participation, and referrals in this season of renewal. Terms and conditions apply. For details of eligibility and participation rules, users may visit: Bybit Fiat Spring Blossom: Deposit, trade & share a 15,500 USDT prize pool #Bybit / #TheCryptoArk / #IMakeIt About Bybit Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 80 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open, and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com . For more details about Bybit, please visit Bybit Press For media inquiries, please contact: [email protected] For updates, please follow: Bybit's Communities and Social Media Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube ContactHead of PRTony AuBybittony.au@bybit Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
23 Mar 2026, 11:15
Bitcoin Price Analysis: 5 Critical Factors Driving Market Volatility This Week
BitcoinWorld Bitcoin Price Analysis: 5 Critical Factors Driving Market Volatility This Week Global cryptocurrency markets face a pivotal week as Bitcoin confronts a confluence of technical and macroeconomic pressures. Analysts identify five critical factors that could determine the digital asset’s trajectory in the coming days, ranging from chart patterns echoing past corrections to significant shifts in long-term holder behavior. This analysis provides a comprehensive, evidence-based examination of the current landscape for the world’s leading cryptocurrency. Bitcoin Price Analysis: Navigating Key Technical Levels Market technicians currently monitor two primary price scenarios for Bitcoin. The first involves a potential retest of the $65,000 support level, a zone that previously acted as resistance. Conversely, a more bearish outlook suggests a deeper correction toward the $50,000 range. This possibility emerges from the breakdown of a critical support trendline established during the second quarter. Historical data from blockchain analytics firm Glassnode indicates that similar breakdowns in previous market cycles have preceded corrections of 20-30%. The $65,000 level represents a psychological and technical battleground where significant trading volume has historically concentrated. Examining the Recurring Bear Flag Pattern A concerning technical formation gaining attention is the potential development of a bear flag pattern. This pattern mirrors a structure observed in January 2025, which preceded a notable decline. A bear flag typically forms after a sharp downward move, followed by a period of consolidation with a slight upward slope. The pattern completes with a breakdown below the consolidation support, often leading to a move equal to the initial decline’s magnitude. Chart analysts note that the current price action shows similarities in both structure and trading volume profile. However, they caution that pattern recognition requires confirmation through a decisive break below key support, which has not yet occurred. Historical Context and Market Psychology The recurrence of similar chart patterns highlights persistent market psychology. During periods of uncertainty, traders often react to familiar technical signals, creating self-fulfilling prophecies. The January pattern saw a 22% decline over three weeks following its confirmation. Market participants now watch for volume spikes and order book liquidity shifts around the $62,000 to $64,000 range, which could signal the pattern’s validation or invalidation. Macroeconomic Uncertainty and Geopolitical Tensions Beyond technical charts, traditional financial markets exert substantial pressure on cryptocurrency valuations. Escalating tensions in the Middle East have triggered a flight to safety among institutional investors. This geopolitical instability has produced divergent reactions in classic safe-haven assets. Gold has entered a bearish phase, surprising some analysts, while Brent crude oil prices have surged past the $100 per barrel mark. This commodity price shock introduces stagflation concerns, complicating central bank policy decisions globally. Historically, Bitcoin has demonstrated varied correlations to these assets during periods of geopolitical stress, sometimes acting as a risk asset and other times as a digital hedge. The following table summarizes recent movements in key correlated assets: Asset Weekly Change Primary Driver Brent Crude Oil +12.5% Geopolitical Supply Concerns Gold (Spot) -3.2% Stronger US Dollar, Rising Yields US Dollar Index (DXY) +2.1% Flight to Safety & Rate Expectations S&P 500 -4.8% Risk-Off Sentiment Federal Reserve Policy and Risk Asset Pressure Simultaneously, monetary policy expectations create headwinds for speculative assets. Recent inflation data and hawkish commentary from Federal Reserve officials have caused markets to price in a higher probability of an interest rate hike. According to CME Group’s FedWatch Tool, the implied probability of a 25-basis-point increase at the next Federal Open Market Committee meeting has risen to 38%, up from just 15% two weeks prior. Higher interest rates typically strengthen the US dollar and increase the opportunity cost of holding non-yielding assets like Bitcoin. Consequently, the entire spectrum of risk assets, including technology stocks and growth-oriented cryptocurrencies, faces continued valuation pressure as capital seeks safer, yield-bearing alternatives. The Liquidity Drain and Its Impact Quantitative tightening by major central banks compounds the issue. As balance sheets contract, global liquidity diminishes, leaving less capital available for speculative investments. This environment challenges the “digital gold” narrative for Bitcoin, as investors prioritize immediate cash flow and capital preservation over long-term technological bets. Market analysts reference the 2018 crypto bear market, which coincided with a period of Federal Reserve balance sheet reduction and rising rates. On-Chain Metrics Signal Holder Capitulation Perhaps the most telling data comes from the blockchain itself. The Spent Output Profit Ratio (SOPR), a key on-chain metric, has dropped to 0.64. This figure indicates that coins moved on-chain are being sold at an average loss of 36%. The SOPR metric calculates the profit or loss of coins based on their purchase price (realized value) versus their sale price. A value below 1.0 signals net realized losses across the network. Notably, data suggests this selling pressure originates from long-term holders (LTHs), entities holding coins for more than 155 days. Historically, sustained periods of LTH capitulation, where SOPR remains below 0.75, have marked local price bottoms or significant accumulation zones. Key on-chain signals to monitor this week include: SOPR Trend: Whether the metric stabilizes or continues to decline. Exchange Net Flow: A shift from inflows to outflows would suggest selling pressure is abating. MVRV Ratio: The Market Value to Realized Value ratio indicates if the asset is trading below its “fair value” based on the average cost basis of all coins. Holder Composition: A decrease in the number of long-term holders coupled with an increase in short-term holders can signal a market bottom formation. Conclusion This week’s Bitcoin price analysis reveals a market at a critical juncture, influenced by a complex interplay of technical patterns, macroeconomic forces, and fundamental on-chain behavior. The convergence of a potential bear flag, hawkish central bank expectations, geopolitical commodity shocks, and signals of long-term holder stress creates a high-volatility environment. While historical patterns and current data point to continued near-term pressure, they also highlight potential zones of support and accumulation. Market participants should prioritize risk management and monitor the confirmation or rejection of the identified technical levels, alongside key inflation data and Federal Reserve communications, to navigate the evolving landscape for the world’s premier cryptocurrency. FAQs Q1: What is a bear flag pattern in technical analysis? A bear flag is a continuation pattern observed on price charts. It forms after a strong downward move (the flagpole), followed by a period of consolidation that slopes slightly upward (the flag). The pattern is considered complete and bearish when the price breaks below the lower boundary of the consolidation channel, often leading to a downward move similar in magnitude to the initial flagpole. Q2: How does the Spent Output Profit Ratio (SOPR) work? The SOPR is an on-chain metric that measures whether coins being spent (moved) on the Bitcoin network are being sold at a profit or loss. It is calculated by dividing the realized value (sale price) by the original value (purchase price) of all coins spent in a given period. A SOPR above 1 indicates net profit-taking, while a value below 1, such as 0.64, indicates net realized losses across the market. Q3: Why do rising oil prices and interest rates affect Bitcoin? Rising oil prices can fuel inflation, prompting central banks like the Federal Reserve to raise interest rates to combat it. Higher interest rates make holding non-yielding assets like Bitcoin less attractive compared to interest-bearing securities. They also typically strengthen the US dollar, in which Bitcoin is primarily quoted, applying downward pressure on its price. Furthermore, they can trigger a broader “risk-off” sentiment, negatively impacting all speculative assets. Q4: What does “long-term holder capitulation” mean? Long-term holder (LTH) capitulation refers to a market phase where investors who have held Bitcoin for an extended period (typically >155 days) begin selling their coins, often at a loss. This behavior is usually driven by exhaustion, fear, or a loss of conviction after a prolonged price decline. On-chain, it’s signaled by a falling SOPR and a decrease in the total supply held by LTH addresses. Historically, such events have often preceded major market bottoms. Q5: Can Bitcoin act as a hedge during geopolitical tensions? Bitcoin’s role as a hedge is complex and has evolved. During some past geopolitical events, it has shown positive price action, decoupling from traditional markets (acting as a “safe haven”). In other instances, like the current environment, it has traded more in line with risk assets like technology stocks (acting as a “risk-on” asset). Its performance depends on the nature of the crisis, market liquidity, and the concurrent behavior of traditional hedges like gold and the US dollar. This post Bitcoin Price Analysis: 5 Critical Factors Driving Market Volatility This Week first appeared on BitcoinWorld .
23 Mar 2026, 11:14
Bybit Spring Blossom: Rewards in Full Bloom with 15,500 USDT in Prizes this Spring
BitcoinWorld Bybit Spring Blossom: Rewards in Full Bloom with 15,500 USDT in Prizes this Spring Dubai, United Arab Emirates, March 23rd, 2026, Chainwire Bybit , the world’s second-largest cryptocurrency exchange by trading volume, invites traders to be part of its limited-time Spring Blossom event, featuring a 15,500 USDT prize pool . Participants accumulate lucky draw entries through all eligible activities after signing up for the event. After signing up for the event, participants accumulate lucky draw entries through all eligible activities. From now until April 20, 2026 , Bybit’s exclusive Spring Blossom lucky draw chances are reserved for eligible users who may complete three simple tasks: Fiat Deposit: Participants can deposit funds through supported fiat payment methods to earn up to 7 lucky draw chances . Eligible deposit methods include P2P Trading , Fiat Deposit , and One-Click Buy on Bybit. Trading Rewards: Eligible trading activities may entitle participants to up to 4 additional lucky draw chances , with rewards tied to trading volume milestones achieved throughout the event period. Season of Sharing: Users introducing their friends to the Bybit experience will receive 1 additional lucky draw chance per successful referral during the active event window. Bybit is committed to supporting and fostering the growth of its community. At the opportune time of spring, the platform rewards deposits, trading participation, and referrals in this season of renewal. Terms and conditions apply. For details of eligibility and participation rules, users may visit: Bybit Fiat Spring Blossom: Deposit, trade & share a 15,500 USDT prize pool #Bybit / #TheCryptoArk / #IMakeIt About Bybit Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 80 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open, and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com . For more details about Bybit, please visit Bybit Press For media inquiries, please contact: [email protected] For updates, please follow: Bybit’s Communities and Social Media Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube Contact Head of PR Tony Au Bybit tony.au@bybit This post Bybit Spring Blossom: Rewards in Full Bloom with 15,500 USDT in Prizes this Spring first appeared on BitcoinWorld .
23 Mar 2026, 11:14
Bitcoin Bulls Eye Rebound To $80k As 10,000 BTC Exit Exchanges In 24 Hours
Bitcoin (BTC) traded in a tight range on Monday as traders assessed mixed market signals following a surge in liquidity across markets. Notably, over the past week, the world’s largest cryptocurrency declined by nearly 7% amid broad selling pressure across the cryptocurrency market. However, despite this volatility, several analysts believe the world’s largest cryptocurrency could Originally published on ZyCrypto - blockchain news, expert analysis, and Web3 coverage. Full article at ZyCrypto.com
23 Mar 2026, 11:10
JASMY Comprehensive Technical Analysis: Detailed Review of March 23, 2026
JASMY stuck in bearish trend at $0.01; Supertrend resistance and BTC pressure risky. $0.0052 support critical, downside may continue without volume increase.
