BlackRock officially launched the Bitcoin income ETF: BITA, on June 16th, using spot Bitcoin and IBIT shares as the underlying assets, continuously selling call options on approximately 25%-35% of the holdings, with the premiums distributed monthly, and an annual fee rate of 0.65%.

In other words, this is pre-selling part of Bitcoin's upside potential in exchange for more stable cash flow, providing a simpler option for institutions and individuals who don't want to actively manage options but need regular income.
The contrast is that Bitcoin was originally a highly volatile asset whose story relied on long-term appreciation, but now it has been split into a "yield tool" by traditional asset managers: you receive more predictable distributions, but also accept a cap on some of the explosive growth potential.
What’s worth watching next is whether these Bitcoin products that sell options will grow larger and gradually influence the volatility structure of spot Bitcoin, or if they will remain a niche "cash flow puzzle" role.