TradFi giants are up to new tricks again.

JPMorgan and BlackRock recently teamed up for a bold move—a four-year structured Bitcoin product specifically designed around the halving cycle. The promotional slogan looks quite attractive: a guaranteed 16% return, plus a 30% downside protection cushion. Sounds stable, right? Don't get too excited just yet.

Their gameplay is very shrewd. What do retail investors fear the most? Getting stuck at the peak and having to cut losses. What do they believe in the most? The myth that halving must lead to price increases. So they give you a four-year lock-up package directly—if the price goes up, a 2% annual management fee is securely pocketed; if it goes down, you bear the risk yourself; want to run midway? The penalty for breach of contract can eat up all your profits. That 30% protection line? It's just a sedative to keep you calm in the cage.

Thinking back to the last cycle: Those who bought in around $70,000 in 2021 had to wait a full three years to break even. This time, they simply make you sign on until 2028. In these four years, the SEC could act at any moment, the macro economy could collapse suddenly, institutions could reduce their holdings and cash out at any time, and black swans could appear whenever they want—aren't all of these fatal threats?

They have figured out the psychology of retail investors: wanting to get on board and share in the profits, but also afraid of painful losses. Using "capital protection" as bait, they exchange your liquidity from four years, turning your time value and opportunity cost into their stable cash flow.

What is the essence of Bitcoin? It is censorship resistance, autonomy, and the freedom to withdraw coins at any time. It is not a Wall Street financial tool packaged with a 16% annualized return. If you can't even understand basic stop-loss strategies, how dare you play a long-term game with the world's top pricing teams for four years?

Remember a hard rule: when institutions actively offer you "dimensionality reduction protection", it often means they are preparing for "dimensionality harvesting".

Don't let Wall Street decide your account balance for 2028. Your coins, you call the shots, don't let others easily tag a price on them.