#比特币现货ETF Regarding JPMorgan's structured note linked to IBIT, I think the design is quite ingenious. It precisely matches the expected four-year halving cycle of Bitcoin, offering investors a relatively safe long-term investment option. The guaranteed 16% yield and potential return of over 1.5x are indeed attractive. However, it is important to note that such products also carry certain risks, especially the possibility of losing most or even all principal under extreme market conditions. From on-chain data, there are not yet any obvious capital flows related to this. I will continue to monitor the movements of major addresses to see if there are any significant allocation changes. Overall, the emergence of such products reflects institutions’ optimism about Bitcoin’s long-term performance, but investors still need to carefully assess their own risk tolerance.