{"btcy-14d-avg-apr":"14D Avg. APY","btcy-chart-drawdown-legend":"Price Drawdown:","btcy-chart-nav":"Net Asset Value (NAV)","btcy-faq-q6-question":"What is the difference between Standard Redemption and Fast Redemption?","btcy-faq-q23-btc-spot":"<bold>BTC spot price:</bold> Primary driver","btcy-chart-drawdown":"Drawdown Metrics","btcy-faq-q4-desc-fast-subscription":"<bold>Fast subscription:</bold> T+1 confirmation when you deposit BTC","btcy-faq-q15-intro":"<bold>Expected yields vary based on:</bold>","btcy-faq-q17-bullet3":"This is the trade-off for earning premiums in other periods","btcy-faq-q32-bullet1":"Stabilize fund performance during adverse conditions","btcy-faq-q2-bullet4":"Prefer both principal and returns denominated in BTC","btcy-chart-sharpe-tooltip":"Sharpe Ratio:","btcy-chart-tvl-legend":"BTC TVL:","btcy-faq-q4-desc-transparent-nav":"<bold>Transparent NAV:</bold> Daily BTC-denominated NAV updates","btcy-faq-q22-label-fast-redemption":"For Fast Redemptions (T+0):","btcy-faq-q31-bullet2":"Portfolio margin optimization","btcy-faq-q25-risk1-desc1":"In strong bull markets, if BTC finishes far above call strikes, your gains are capped","btcy-faq-q4-desc-covered-call":"<bold>Systematic covered call strategy:</bold> Conservative options approach","btcy-faq-q16-question":"How is yield calculated?","btcy-faq-q20-formula":"NAV = (BTC holdings + Mark-to-market options P&L - Accrued fees) / Total BTCY shares outstanding","btcy-chart-sharpe-legend":"BTCY Sharpe Ratio:","btcy-faq-q6-bullet1":"Generates premium income from option buyers","btcy-faq-q11-answer":"Scheduled redemptions are settled bi-weekly (e.g., 2nd and 4th Saturday of each month), always the day after Friday's yield distribution.","btcy-faq-q29-answer":"Please refer to the subscription/redemption page for current management and redemption fees.","btcy-faq-q28-question":"Is there insurance or protection?","btcy-faq-q18-bullet4":"Benefit from BTC price appreciation on yields","btcy-faq-q16-bullet2":"Realized P&L from expired or closed options","btcy-faq-q10-scheduled-bullet5":"BTCY shares become locked upon request","btcy-faq-q20-answer":"NAV (Net Asset Value) answers: \"If we liquidated all BTC and options at fair value right now, how much BTC is one BTCY share worth?\"","btcy-faq-q25-risk3-title":"No Principal Protection","btcy-faq-q1-question":"What is BTC Yield (BTCY)?","btcy-faq-q25-risk1-title":"Upside Capping","btcy-faq-q27-bullet3":"This is NOT a hedged or protected product","btcy-faq-q5-earn-premiums":"<bold>Earn premiums:</bold> Options are USDT-margined, so the fund collects USDT premium income","btcy-faq-q25-risk3-desc2":"You can lose principal through BTC drawdowns or poor option performance","btcy-faq-q5-distribute":"<bold>Distribute yield:</bold> BTC yield is distributed pro-rata to BTCY holders weekly","btcy-faq-q4-desc-weekly-distributions":"<bold>Weekly distributions:</bold> Receive BTC yield weekly","btcy-faq-q2-bullet5":"Understand derivatives and options strategies","btcy-faq-q18-intro":"BTCY maintains full BTC denomination (BTC-in, BTC-out) so users can:","btcy-faq-q34-intro":"Yes. Check your transaction history for:","btcy-faq-q20-question":"What is NAV?","btcy-faq-q12-question":"Can I cancel a redemption request?","btcy-faq-q10-label-fast":"Fast Redemption:","btcy-faq-q34-bullet5":"Estimated BTC value","btcy-history-type-dividends":"BTC Income","btcy-next-redemption-date":"Next Redemption Date","btcy-history-eligible-btcy-tooltip":"Your lowest balance of BTCY on a Calculation Day is used as the basis for determining the Qualifying Balance and the Dividends Amount.","btcy-faq-q2-intro":"<bold>BTCY is designed for Binance VIP clients who:</bold>","btcy-faq-q31-question":"How is risk managed?","btcy-faq-q22-fast-bullet":"Processed immediately at the current day's NAV","btcy-faq-q8-bullet2":"System uses current NAV as reference, actual shares settled at T+1 NAV","btcy-faq-q25-risk3-desc1":"BTCY is <bold>not a savings product</bold> and carries <bold>no guarantees</bold>","btcy-faq-q15-question":"What is the expected yield?","btcy-faq-q25-risk3-desc3":"This is a medium-high risk / medium return product","btcy-faq-q23-unrealized-pnl":"<bold>Unrealized option P&L:</bold> Mark-to-market changes","btcy-faq-q19-answer":"The fund uses batch conversion strategies designed to minimize price impact and slippage costs.","btcy-faq-q3-question":"Are BTCY tokens?","btcy-faq-q15-bullet4":"Time decay (theta)","btcy-faq-q26-example-desc":"If BTC rallies significantly beyond the strike price, you benefit up to the strike level plus premiums, but miss gains above that level.","btcy-faq-q21-answer":"NAV is updated <bold>daily</bold>","btcy-faq-q5-sell-calls":"<bold>Sell covered calls:</bold> The fund sells far out-of-the-money BTC call options to generate premium income","btcy-faq-q10-question":"Can yield be negative?","btcy-faq-q8-bullet3":"Confirmation is <bold>T+1</bold> (next business day)","btcy-faq-q25-risk4-desc":"Large redemptions may face delays if liquidity is insufficient","btcy-faq-q22-footer":"This is why your transaction history may show different prices than what you saw on screen when you initiated the transaction. Always check the confirmed NAV in your transaction history for the actual price.","btcy-faq-q14-question":"How often are yields distributed?","btcy-faq-q10-scheduled-bullet2":"Redeemed at Settlement NAV with transparency","btcy-faq-q11-timeline-2":"Week 1: Receive distribution #1","btcy-faq-q25-risk1-desc3":"This is THE risk that hurts covered call products during parabolic rallies","btcy-faq-q26-example-label":"<bold>For example:</bold>","btcy-faq-q22-subscription-bullet2":"Your subscription is confirmed the <bold>next business day (T+1)</bold> using the next day's NAV","btcy-faq-q14-answer":"BTCY distributes yield <bold>weekly</bold>","btcy-faq-q23-iv":"<bold>Implied volatility (IV):</bold> Higher IV increases option values (negative for short calls)","btcy-data-visualization":"Data Visualization","btcy-dividends-history":"BTC Income History","btcy-faq-q34-bullet1":"Subscription history","btcy-faq-q23-delta-gamma":"<bold>Delta/gamma:</bold> Sensitivity to BTC price movements","btcy-faq-q22-scheduled-example":"Example: Request redemption Week 1 at 0.95 BTC/share → settled Week 2 at 0.97 BTC/share","btcy-faq-q30-answer":"Fast redemptions require immediate BTC liquidity, which has associated costs and liquidity risk. The higher fee covers these operational costs.","btcy-faq-q17-question":"Can yields be negative?","btcy-faq-q34-question":"Can I see my transaction history?","btcy-faq-q16-bullet1":"Change in mark-to-market value of options positions","btcy-faq-q18-bullet1":"Compound BTC yields back into BTCY","btcy-faq-q17-bullet1":"No distribution occurs that week","btcy-faq-q10-fast-bullet4":"Best for emergency situations","btcy-faq-q11-timeline-1":"Week 1: Submit redemption request","btcy-faq-q25-risk1-desc2":"You still own BTC exposure up to the strike, but <bold>miss extreme upside</bold> (e.g., 5-10x gains)","btcy-faq-q10-label-scheduled":"Scheduled Redemption (Recommended):","btcy-faq-q13-answer":"No. For scheduled redemptions, you continue receiving all weekly BTC distributions until your settlement date. There is no yield penalty for redemption.","btcy-faq-q26-intro":"If BTC experiences a parabolic rally (e.g., +200% in a quarter), your gains will be capped at approximately the strike price of the sold calls. You'll earn:","btcy-faq-q31-intro":"The fund employs multiple risk controls:","btcy-faq-q10-intro":"You have two redemption options:","btcy-faq-q26-bullet2":"BTC appreciation up to the strike","btcy-faq-q5-question":"What fees apply to BTC Yield? Can you show an example?","btcy-faq-q30-question":"Why are fast redemption fees higher?","btcy-history-eligible-btcy":"Eligible BTCY","btcy-chart-nav-legend":"NAV:","btcy-faq-q11-timeline-5":"Week 3: No longer receive distributions (already exited)","btcy-faq-q10-scheduled-bullet1":"Predictable bi-weekly settlement schedule","btcy-faq-q10-fast-bullet1":"For urgent liquidity needs","btcy-faq-q27-bullet1":"Your BTC holdings lose value","btcy-faq-q25-risk2-desc1":"NAV can fluctuate significantly due to BTC price, IV changes, and options P&L","btcy-faq-q23-question":"Why does NAV fluctuate?","btcy-faq-q16-answer-footer":"The fund computes net realized P&L, converts the distributable USDT to BTC, and distributes pro-rata based on share balances.","btcy-faq-q22-label-scheduled-redemption":"For Scheduled Redemptions (bi-weekly settlement):","btcy-faq-q18-question":"Why are yields paid in BTC instead of USDT?","btcy-faq-q27-answer":"BTCY provides <bold>full downside exposure</bold> to BTC. If BTC crashes:","btcy-faq-q13-question":"Will I lose yield if I redeem?","btcy-faq-q17-bullet2":"NAV may decline","btcy-faq-q2-question":"What is the underlying strategy of BTC Yield?","btcy-faq-q10-fast-bullet3":"Higher fees (see fees page)","btcy-faq-q28-answer":"No. BTCY carries no insurance, guarantees, or principal protection. This is an active trading strategy with real risk of loss.","btcy-faq-q34-bullet3":"Weekly yield distributions","btcy-faq-q22-scheduled-bullet2":"Your redemption settles on the next settlement date (bi-weekly) using that day's NAV","btcy-faq-q12-answer":"Yes. You can cancel redemption requests up until the deadline. After the deadline, redemption requests are locked and cannot be cancelled or edited.","btcy-faq-q34-bullet2":"Redemption requests and settlements","btcy-faq-q22-question":"Why might my transaction price differ from the displayed NAV?","btcy-learn-more":"To learn more about BTC Yield, please refer to our <a>FAQ</a>.","btcy-chart-tvl":"BTC TVL","btcy-faq-q4-desc-btc-denominated":"<bold>BTC-denominated:</bold> Both your principal and yield are in BTC, not stablecoins","btcy-faq-q1-answer":"<bold>BTC Yield is an</bold> open-ended, BTC-denominated yield product that allows users to earn a potential BTC income.","btcy-faq-q15-bullet3":"Market conditions","btcy-faq-q11-question":"When are redemption settlements processed?","btcy-faq-q32-footer":"The Reserve Fund is separate from user distributions and NAV calculations.","btcy-faq-q25-risk4-title":"Liquidity Risk","btcy-total-dividends":"Total BTC Income","btcy-faq-q23-intro":"<bold>NAV moves based on:</bold>","btcy-faq-q34-bullet4":"Current BTCY balance and NAV","btcy-faq-q16-bullet3":"Time decay (theta) earnings","btcy-faq-q7-question":"Do I continue to earn yield during redemption?","btcy-faq-q15-bullet1":"BTC implied volatility","btcy-faq-q26-bullet3":"<bold>But miss the extreme upside above the strike</bold>","btcy-chart-sharpe":"Sharpe Ratio","btcy-faq-q33-answer":"On Binance using USDT-margined BTC options.","btcy-faq-q10-scheduled-bullet3":"Lower fees (see fees page)","btcy-history-arrival-date":"Arrival Date","btcy-faq-q26-bullet1":"Premium income from option sales","btcy-faq-q8-question":"What is the BTCY Conversion Rate?","btcy-faq-q8-bullet4":"BTCY shares are credited to your account","btcy-faq-q25-risk2-title":"NAV Volatility","btcy-faq-q27-question":"What happens if BTC crashes?","btcy-faq-q22-label-subscription":"For Subscriptions (T+1 confirmation):","btcy-faq-q4-question":"At which BTCY Conversion Rate are subscriptions confirmed?","btcy-faq-q24-question":"Can NAV go below 1 BTC?","btcy-history-redemption-shares":"Redemption Amount","btcy-faq-q10-scheduled-bullet4":"Continue receiving weekly yields until settlement","btcy-faq-q2-bullet1":"BTCY strategy holds spot BTC as collateral;","btcy-faq-q17-intro":"Yes. If BTC surges rapidly above option strikes, the fund may experience negative period P&L. In such cases:","btcy-fund-title":"BTC Yield","btcy-faq-q2-bullet2":"The strategy systematically sells BTC call options with a laddered expiration structure on Binance.","btcy-faq-q9-question":"What are the distribution frequency, distribution date, and snapshot time?","btcy-faq-q5-deposit":"<bold>Deposit BTC:</bold> Users subscribe with BTC, receiving BTCY shares at T+1 NAV","btcy-faq-q6-bullet2":"Caps maximum upside if BTC price rises above the strike price","btcy-history-nav":"Conversion Rate","btcy-faq-q24-answer":"Yes. If the fund experiences losses (from BTC drawdowns, unfavorable options P&L, or high volatility), NAV per share can decline. BTCY is <bold>not principal-protected</bold>","btcy-faq-q5-convert":"<bold>Convert to BTC:</bold> Realized USDT is batch-converted to BTC weekly","btcy-faq-q18-bullet2":"Maintain consistent BTC exposure","btcy-faq-q2-bullet3":"The strategy collects option premiums as the core source of income.","btcy-faq-q22-subscription-example":"Example: Deposit Monday viewing 0.95 BTC/share → confirmed Tuesday at 0.96 BTC/share","btcy-faq-q11-timeline-4":"<bold>Week 2: Settlement</bold> – exit with full BTC","btcy-faq-q31-bullet3":"Daily NAV and position monitoring","btcy-faq-q16-intro":"<bold>Weekly distributable income is based on:</bold>","btcy-faq-q11-example-label":"Example timeline:","btcy-faq-q33-question":"Where are options traded?","btcy-faq-q22-intro":"The NAV you see on the display is updated daily, but your actual transaction prices (subscription or redemption) may differ:","btcy-faq-q23-theta":"<bold>Time decay (theta):</bold> Benefits the fund as options approach expiry","btcy-faq-q22-scheduled-bullet1":"When you request redemption, you see today's NAV","btcy-faq-q32-question":"What is the Reserve Fund?","btcy-faq-q9-answer":"[Check current limits in platform documentation or user interface]","btcy-faq-q10-fast-bullet2":"T+0 payout - receive BTC immediately","btcy-faq-q22-subscription-bullet1":"When you deposit BTC, you see today's NAV","btcy-faq-q25-question":"What are the main risks?","btcy-faq-q29-trading-costs":"<bold>Trading Costs:</bold> Included in NAV (exchange fees, slippage, conversions)","btcy-faq-q15-bullet2":"Option premium levels","btcy-history-subscribe-amount":"Subscription Amount","btcy-last-dividends":"Last BTC Income","btcy-faq-q6-intro":"<bold>A covered call means the fund owns BTC and sells call options against it. This strategy:</bold>","btcy-faq-q31-bullet1":"Conservative strike selection (far out-of-the-money calls)","btcy-faq-section-title":"Frequently Asked Questions","btcy-faq-q7-answer":"Yes. BTCY holdings remain eligible for applicable BTC distributions until redemption settlement is completed. Redemption <bold>does not forfeit any accrued or future weekly distributions</bold>：","btcy-faq-q16-bullet4":"Adjustments for delta/gamma P&L","btcy-faq-q3-answer":"<bold>No</bold>, BTCY holdings are not on-chain tokens and cannot be transferred, traded, or held outside the Binance platform. BTCY is available exclusively through Binance Earn and is designed to provide users with access to the BTC Yield strategy within the Binance ecosystem. BTCY represents the user's interest in their individual strategy, as represented by the daily BTCY Conversion Rate, and is recorded solely within BTC Yield.","btcy-faq-q32-intro":"A portion of weekly income is allocated to a Reserve Fund, which is held and managed at Binance's discretion for risk management purposes. The Reserve Fund may be used to:","btcy-faq-q19-question":"What is the conversion strategy for USDT to BTC?","btcy-wallet-subscription-date":"Subscription Date","btcy-faq-q8-bullet1":"Deposit BTC to your BTCY account","btcy-my-holdings":"My Holdings","btcy-faq-q18-bullet3":"Avoid stablecoin exposure","btcy-faq-q6-bullet4":"Is considered conservative compared to other options strategies","btcy-history-dividends-amount":"BTC Income Amount","btcy-faq-q29-question":"What fees does BTCY charge?","btcy-faq-q6-bullet3":"Provides downside exposure if BTC price falls","btcy-faq-q11-timeline-3":"Week 2: Receive distribution #2","btcy-faq-q26-question":"What happens if BTC \"moons\"?","btcy-faq-q21-question":"How often is NAV updated?","btcy-faq-q27-bullet2":"Premium income provides small cushion but won't prevent losses","btcy-history-received-amount":"Received Amount","btcy-subtitle":"Achieve passive income while maintaining Bitcoin exposure.","btcy-title":"BTC Yield","btcy-faq-q25-risk2-desc2":"\"Severe drawdown periods\" may result in low/zero BTC distributions or negative P&L","btcy-wallet-subscription-amount":"Subscription Amount","btcy-wallet-cancel-quota-tooltip":"To ensure queue fairness, the platform may impose limits on <bold>repeated submissions followed by cancellations</bold> (e.g., no more than 1 cancellation within a given number of cycles).","btcy-wallet-est-receive":"Est. Receive","Pending":"Pending","btcy-wallet-nav-tooltip":"The Net Asset Value of your BTCY shares is estimated based on the latest published NAV.","btcy-wallet-est-receive-tooltip":"Estimated BTC amount is based on the latest published NAV. The actual amount is determined at settlement.","btcy-wallet-redemption-date":"Redemption Application Date","btcy-wallet-cancel-cutoff-tooltip":"The redemption becomes uncancellable after the cutoff time.","btcy-wallet-cancel-remaining":"Numbers of Cancel","btcy-wallet-cancel-btn":"Cancel","Processing":"Processing","Under Review":"Under Review","btcy-wallet-est-arrival-date":"Est. Arrival Date","btcy-wallet-redemption-amount":"Redemption Amount","btcy-wallet-cutoff-time":"Cutoff Time","btcy-next-redemption":"Next Redemption","btcy-latest-nav":"Latest NAV","btcy-coins":"Coins","Redeem":"Redeem","Subscribe":"Subscribe","daily-platform-redemption-limit":"Daily Platform-wide Redemption Limit","Confirmation":"Confirmation","please-confirm-read-and-accept-terms":"Please confirm that you have read, understood, and accept the following terms:","redemption-window-misaligned":"The redemption window is currently misaligned. Please try again.","subscribe-term-btcy-representation":"I understand that I will receive BTCY as the representation of the subscribed assets.","standard-redeem-progress-message":"You may check your redemption status in your Earn Account.","Next":"Next","Confirm":"Confirm","back-to-btc-yield-fund":"Back to BTC Yield","redemption-amount":"Redemption amount","standard-redemption-in-progress":"Standard Redemption In Progress","daily-personal-redeem-quota":"Daily Personal Redeem Quota","limit-amount":"Limit: {{amount}} {{asset}}","large-redemptions":"Large Redemptions","subscribe-term-redemption-fee":"I understand that Fast Redemption incurs a {{fastRate}} fee on the total redemption amount, while Standard Redemption incurs a {{standardRate}} fee on the total redemption amount.","agreed-to-btcy-fund-terms":"I have read and agreed to <termsLink>BTC Yield Service Terms &amp; Conditions</termsLink>","Summary":"Summary","Cancel":"Cancel","fast-redeem-success-message":"Congratulations! You've successfully redeemed your assets. Please check in your Spot Wallet.","btcy-supply-updated-try-again":"The available BTCY supply on the platform has been updated. Please try again.","redemption-failed":"Redemption Failed","large-redemption-description":"You have triggered a large redemption. Large redemptions require manual review. Please check your wallet for the final result and redemption time.\n\nIf a large redemption is confirmed, then only one redemption can be initiated every two redemption cycles.\n\nThe platform reserves the right to refuse this large redemption request.","subscribe-term-daily-rewards":"I understand that rewards are paid out daily in BTC based on the Eligible BTCY amount.","btcy-nav":"BTCY NAV","arrival-date":"Arrival Date","redemption-cutoff-tooltip":"Deadline for initiating redemption applications in this round.","settlement-date":"Settlement Date","enter-numbers-of-share":"Enter Numbers of Share","redemption-cutoff":"Redemption Cutoff","error-amount-less-than":"The amount cannot be less than {{amount}}.","redeem-term-no-apr-dividends":"I understand there are no APR dividends during the redemption process and the redemption request is not reversible. Once submitted, the redemption request cannot be canceled.","Notification":"Notification","Standard":"Standard","MAX":"MAX","redemption-cannot-be-cancelled":"Once submitted, this redemption cannot be cancelled.","Cost":"Cost","redeem-term-redemption-speed":"I understand Fast Redemption returns assets instantly while Standard Redemption returns assets by 10:00 UTC, 3 days after my redemption request (T+3).","est-amount":"Est. Amount","redeem-term-redemption-fee":"I understand that Fast Redemption incurs a {{fastRate}} fee on the total redemption amount, while Standard Redemption incurs a {{standardRate}} fee on the total redemption amount. Fees are deducted in BTC from the redeemed assets before the funds are returned to my Spot Account.","error-amount-exceed":"The amount cannot exceed {{amount}}.","gross-btc-amount-formula":"Gross BTC Amount = Redemption BTCY Amount * NAV","redemption-fee-change-to":"Redemption Fee change to {{rate}}.","fast-redemption-successful":"Fast Redemption Successful","enter-amount":"Enter Amount","confirm-and-go-to-wallet":"Confirm and go to Wallet","error-shares-exceed":"The number of shares cannot exceed {{amount}}.","fee-with-rate":"Fee ({{rate}})","Fast":"Fast","gross-amount":"Gross Amount","error-shares-less-than":"The number of shares cannot be less than {{amount}}.","redeem-term-returned-in-btc":"I understand that regardless of the assets I subscribe with, the redeemed assets will be returned in BTC.","platform-quota":"Platform Quota","Receive":"Receive","shares-confirmed-date":"Shares Confirmed Date","estimate-numbers-of-share":"Estimate Numbers of Share","Fee":"Fee","redeem-amount":"Redeem Amount","redemption-application":"Redemption Application","conversion-ratio":"Conversion Ratio","subscription-date":"Subscription Date","subscription-failed":"Subscription Failed","min-amount-placeholder":"Min {{amount}}","personal-limit":"Personal Limit","subscription-successful":"Subscription Successful","dividends-distribution-date":"Dividends Distribution Date","minimum-purchase-limit":"Minimum Purchase Limit","next-redemption-date":"Next Redemption Date","redemption-not-possible-blackout":"Redemption is not possible between {{start}} and {{end}}.","btcy-distributed-to-spot-wallet":"Your BTCY will be distributed to your Spot Wallet","go-to-wallet":"Go to Wallet","subscription-not-possible-blackout":"Subscription is not possible between {{start}} and {{end}}.","estimated-btc-amount-based-on-nav":"Estimated BTC amount is based on the previous day's NAV. The actual amount is determined at settlement.","platform-limit":"Platform Limit","btcy-title-v2":"BTC Yield","btcy-faq-q31-intro-v2":"The product employs multiple risk controls:","btcy-faq-q1-answer-v2":"BTCY (Bitcoin Yield) is an open-ended, BTC-denominated yield product that generates returns through systematic Bitcoin covered call option strategies. The product earns USDT premiums by selling out-of-the-money BTC call options, converts those premiums to BTC, and distributes weekly BTC yield to users.","btcy-faq-q5-earn-premiums-v2":"<bold>Earn premiums:</bold> Options are USDT-margined, so the product collects USDT premium income","btcy-faq-q32-footer-v2":"The Reserve is separate from user distributions and NAV calculations.","btcy-faq-q32-bullet1-v2":"Stabilize product performance during adverse conditions","btcy-faq-q16-answer-footer-v2":"The product computes net realized P&L, converts the distributable USDT to BTC, and distributes pro-rata based on share balances.","btcy-faq-q3-answer-v2":"No. BTCY represents shares in a managed BTC yield product. Your BTCY balance reflects your proportional ownership in the product's assets, calculated based on the Net Asset Value (NAV).","btcy-faq-q17-intro-v2":"Yes. If BTC surges rapidly above option strikes, the product may experience negative period P&L. In such cases:","agreed-to-btcy-terms":"I have read and agreed to <termsLink>BTC Yield Service Terms &amp; Conditions</termsLink>","btcy-product-title":"BTC Yield","btcy-faq-q32-question-v2":"What is the Reserve?","btcy-faq-q23-theta-v2":"<bold>Time decay (theta):</bold> Benefits the product as options approach expiry","btcy-faq-q32-intro-v2":"A portion of weekly income is allocated to a Reserve, which is held and managed at Binance's discretion for risk management purposes. The Reserve may be used to:","btcy-faq-q6-intro-v2":"<bold>A covered call means the product owns BTC and sells call options against it. This strategy:</bold>","btcy-faq-q19-answer-v2":"The product uses batch conversion strategies designed to minimize price impact and slippage costs.","btcy-faq-q24-answer-v2":"Yes. If the product experiences losses (from BTC drawdowns, unfavorable options P&L, or high volatility), NAV per share can decline. BTCY is <bold>not principal-protected</bold>","btcy-faq-q5-sell-calls-v2":"<bold>Sell covered calls:</bold> The product sells far out-of-the-money BTC call options to generate premium income","btcy-learn-more-v2":"To learn more about BTC Yield, please refer to our <a>FAQ</a>.","back-to-btc-yield":"Back to BTC Yield","large-redemption-in-progress":"Large Redemption In Progress","est-fee":"Est. Fee","btcy-risk-nav-volatility-desc-v2":"The product's value fluctuates with BTC price and options performance. During drawdowns, yields may decline or pause.","btcy-overview-primary-strategy-v2":"The primary strategy is covered calls—selling call options on BTC holdings, collecting premiums, and distributing them as bitcoin. The product may deploy other collateralized strategies as market conditions evolve.","btcy-benefit-dual-growth-desc-v2":"Holdings grow through <bold>regular BTC distributions</bold> and <bold>NAV appreciation</bold>.","btcy-intro-modal-title-v2":"What is BTC Yield?","btcy-overview-what-is-btcy-v2":"BTCY is a BTC-denominated yield product. Depositors receive BTCY shares representing their share in the product.","what-is-btcy-v2":"What is BTC Yield?","btcy-source-option-premiums-desc-v2":"The product sells covered calls on its BTC. Buyers pay a premium for the right to purchase at a higher strike price. Those premiums are converted to BTC and distributed to holders. Additional yield strategies may be introduced and will be disclosed separately.","btcy-risk-capped-upside-desc-v2":"If BTC rallies far above strike prices, gains are limited. Holders retain exposure up to the strike, but <bold>upside beyond that goes to the option buyer.</bold> This is the core trade-off.","btcy-benefit-conservative-strategy-desc-v2":"Covered calls are a classic, well-established options strategy. The product trades some upside potential for consistent premium income.","estimated-btc-amount-based-on-conversion-rate":"Estimated BTC amount is based on the previous day's Conversion Rate. The actual amount is determined at settlement.","btcy-chart-nav-v2":"Conversion Rate","btcy-wallet-est-receive-tooltip-v2":"Estimated BTC amount is based on the latest published Conversion Rate. The actual amount is determined at settlement.","btcy-wallet-conversion-rate-tooltip":"The Conversion Rate of your BTCY shares is estimated based on the latest published Conversion Rate.","btcy-chart-nav-legend-v2":"Conversion Rate:","conversion-rate":"Conversion Rate","btcy-conversion-rate":"BTCY Conversion Rate","gross-btc-amount-formula-v2":"Gross BTC Amount = Redemption BTCY Amount * Conversion Rate","error-platform-limit-zero":"Platform redemption quota is 0. You cannot redeem at this moment.","error-exceeds-platform-limit":"Exceeds daily platform-wide redemption limit. Available: {{available}}.","go-to-history":"Go to History","large-redeem-progress-message":"You may check your large redemption status in your Earn History","btcy-latest-conversion-rate":"Latest Conversion Rate","btcy-wallet-action-tooltip":"The redemption becomes uncancellable after the cutoff time.","btcy-faq-q5-example-fast-label":"Fast Exit","btcy-faq-q10-answer":"<bold>Yes.</bold> BTCY's weekly yield is dynamically correlated with market conditions. During periods of sharp one-directional BTC price movements or significant increases in volatility, the weekly confirmed yield may fall below expectations or experience a temporary drawdown.","btcy-faq-q9-channel2-mechanism":"<bold>Mechanism：</bold> The BTCY Conversion Rate is denominated in BTC; its continued growth means each BTCY corresponds to an increasing BTC amount.","btcy-faq-q1-btc-exposure":"<bold>BTC-related exposure：</bold> Your BTCY holdings are BTC-denominated, maintaining BTC exposure.","btcy-faq-q5-redemption-fee-desc":"Deducted from your BTC on redemption","btcy-faq-q5-income-share-label":"Strategy income share","btcy-faq-q3-bullet2":"<bold>BTCY can only</bold> be subscribed and redeemed through BTC Yield.","btcy-faq-q5-fee-schedule-title":"Fee schedule：","btcy-faq-q9-footer":"The two channels operate in parallel, providing users with both <bold>immediate cash flow</bold> and <bold>long-term value accumulation</bold>.","btcy-faq-q8-use-subscription":"<bold>Subscription calculation：</bold> Upon BTC deposit, calculates the number of BTCY received based on the confirmation-date BTCY Conversion Rate.","btcy-faq-q8-quiet-window":"<bold>Quiet Window：</bold> Subscriptions and Fast Redemptions are suspended around BTCY Conversion Rate publication ({{quietWindowStart}} to {{quietWindowEnd}}).","btcy-faq-q9-channel1-snapshot":"<bold>Amount snapshot：</bold> Taken on the distribution date. <bold>All held BTCY participate</bold>, including BTCY with redemption requests submitted but not yet settled.","btcy-faq-q5-worked-example-footer":"What Alice paid： {{exIncomeShareRate}} of the option premiums her position earned + a {{exStandardRate}}/{{exFastRate}} redemption fee on exit. All amounts are in BTC and are not guaranteed.","btcy-faq-q9-intro":"Each week's realized option premiums are distributed to BTCY holders through <bold>two simultaneous channels</bold>：","btcy-faq-q1-value-props-title":"Core Value Propositions","btcy-faq-q8-notice-title":"Notice：","btcy-faq-q9-channel2-title":"Channel 2： Strategy Value Appreciation (reflected in the BTCY Conversion Rate)","btcy-faq-q3-bullet1":"<bold>BTCY cannot</bold> be transferred on-chain, held in wallets, or traded on DEX/CEX secondary markets.","btcy-faq-q9-channel1-time":"<bold>Distribution time：</bold> Every {{distributionDay}} at {{distributionTime}}","btcy-faq-q1-desc":"Available through Binance Earn, BTC Yield uses a professionally managed covered call strategy to generate BTCY yield without requiring users to actively trade options themselves. The strategy generates option premiums by systematically selling BTC call options, with a portion of that premium distributed to users in BTC on a potential weekly basis.","btcy-faq-q5-answer":"Your cost of participating in BTC Yield comes from three items. We disclose all of them so you can see your total cost before subscribing.","btcy-faq-q4-intro":"Depending on the timing of your request：","btcy-faq-q5-worked-example-title":"Worked example (illustrative)：","btcy-faq-q5-income-share-rate":"{{incomeShareRate}} of gross option-premium income (currently)","btcy-faq-q9-channel1-desc":"A portion of your option premiums are converted to BTC and <bold>automatically distributed to your Spot Account weekly</bold>, proportional to your holdings.","btcy-faq-q1-systematic-execution":"<bold>Systematic strategy execution：</bold> Rule-driven, no active trading required from the user.","btcy-faq-q6-row-cancellability":"Cancellability","btcy-faq-q5-worked-example-intro":"Alice holds {{exHoldings}} BTCY.","btcy-faq-q4-answer":"The system displays the current BTCY Conversion Rate as a reference for estimated amount. BTC Yield holdings are confirmed at the next published <bold>BTCY Conversion Rate</bold> published daily at {{publishTime}}.","btcy-faq-q5-redemption-fee-rate":"Standard Exit {{standardRate}} / Fast Exit {{fastRate}}","btcy-faq-q10-bullet-drawdown":"<bold>Temporary Conversion Rate drawdown：</bold> The BTCY Conversion Rate may experience a short-term decline, which will be gradually recovered through subsequent option premiums as market conditions normalise.","btcy-faq-q5-income-share-desc":"Taken from gross premiums before your yield is calculated","btcy-faq-q8-use-reference":"<bold>Reference display：</bold> Allows users to view the BTC reference value of their holdings on the product page.","btcy-faq-q9-channel1-frequency":"<bold>Distribution frequency：</bold> Weekly","btcy-faq-q9-channel1-min-unit":"<bold>Minimum distribution unit：</bold> {{minUnitSats}} satoshis ({{minUnitBtc}} BTC). BTCY equivalent amounts below this threshold are automatically carried forward to the next period.","btcy-faq-q5-worked-example-income-share":"Strategy income share ({{exIncomeShareRate}}) = {{exIncomeShareAmount}} BTC (retained by Binance)","btcy-faq-q8-use-redemption":"<bold>Redemption settlement：</bold> Calculates the amount of BTC receivable based on the settlement-date BTCY Conversion Rate.","btcy-faq-q6-standard-yield-cutoff":"Seeks to receive weekly distributions until settlement date","btcy-faq-q5-example-large-fee":"not charged","btcy-faq-q1-weekly-distributions":"<bold>Weekly BTC distributions：</bold> Seek potential BTC distributions.","btcy-faq-q5-worked-example-net":"Net to Alice = {{exNetAmount}} BTC (weekly BTC distribution and/or higher Conversion Rate)","btcy-faq-q9-channel2-desc":"Another portion of your option premiums remains within the product and is reflected in the <bold>daily-updated BTCY Conversion Rate</bold>, causing the BTC amount convertible per BTCY to seek to accumulate over time.","btcy-faq-q9-channel1-title":"Channel 1： Weekly BTC Distributions (to Spot Account)","btcy-faq-q1-yield-structure":"<bold>Yield structure：</bold> Earn potential weekly BTC distributions while maintaining exposure to BTC value accumulation over time.","btcy-faq-q9-channel2-realization":"<bold>Realization：</bold> Users automatically benefit from this appreciation at the current-date BTCY Conversion Rate upon subscription/redemption.","btcy-faq-q5-fee-explanation":"Redemption and large-redemption fees are explicit fees; the strategy income share is a share of the option premiums the strategy earns — you receive yield from the net (after-{{incomeShareRate}}) income.","btcy-faq-q6-standard-settlement-timing":"Bi-weekly settlement cycle","btcy-faq-q4-note":"Note： The displayed BTCY Conversion Rate during subscription is provided as a reference only. Your final confirmed BTCY Conversion Rate will appear in your transaction history once processing is completed.","btcy-faq-q5-large-redemption-label":"Large-redemption fee","btcy-faq-q8-use-performance":"<bold>Performance reference：</bold> Long-term changes in the BTCY Conversion Rate reflect the overall performance of the strategy.","btcy-faq-q5-fee-change-title":"Notice of fee changes：","btcy-faq-q4-bullet-before":"<bold>Submitted before the Day T {{publishTime}} publication：</bold> Confirmed at the Day T BTCY Conversion Rate.","btcy-faq-q4-example":"Example： A user deposits BTC at {{exDepositTime}} on Day T and sees \"Reference BTCY Conversion Rate = {{exReferenceRate}} BTC/BTCY Amount\". The actual confirmation will use the BTCY Conversion Rate published at {{publishTime}} on Day T+1.","btcy-faq-q9-channel1-allocation":"<bold>Allocation method：</bold> BTC is distributed proportionally based on each user's BTCY amount.","btcy-faq-q4-bullet-after":"<bold>Submitted after the Day T {{publishTime}} publication：</bold> Confirmed at the Day T+1 BTCY Conversion Rate.","btcy-faq-q5-large-redemption-rate":"Not charged currently","btcy-faq-q6-row-settlement-timing":"Settlement timing","btcy-faq-q6-col-fast":"Fast Redemption","btcy-faq-q5-large-redemption-desc":"Reserved for exits above a threshold; disclosed in advance if introduced","btcy-faq-q9-note":"Note： Please note that weekly distributions are not guaranteed.","btcy-faq-q6-col-dimension":"Dimension","btcy-faq-q6-row-settlement-rate":"Settlement BTCY Conversion Rate","btcy-faq-q6-standard-settlement-rate":"Based on the settlement date's BTCY Conversion Rate","btcy-faq-q6-row-fee-rate":"Fee rate","btcy-faq-q6-fast-settlement-rate":"Based on Fast Redemption cutoff rules (Day T or Day T+1 rate)","btcy-faq-q6-standard-fee-rate":"Lower","btcy-faq-q6-col-standard":"Standard Redemption (Recommended)","btcy-faq-q9-channel2-frequency":"<bold>Update frequency：</bold> Updated daily at {{publishTime}} along with the BTCY Conversion Rate.","btcy-faq-q5-worked-example-redeem":"Redeem — {{exHoldings}} BTCY at Conversion Rate {{exConversionRate}} → gross = {{exGrossRedeem}} BTC","btcy-faq-q6-standard-cancellability":"Cancellable before the cancellation cutoff; not cancellable or editable thereafter","btcy-faq-q6-fast-settlement-timing":"Settles after the next BTCY Conversion Rate publication","btcy-faq-q2-answer":"BTC Yield uses a professionally managed BTC covered call strategy designed to generate BTCY yield while maintaining BTC exposure.","btcy-faq-q5-worked-example-earn":"Earn (one week) — gross premium attributable to her position = {{exGrossPremium}} BTC","btcy-wallet-action":"Action","btcy-faq-q8-update-frequency":"<bold>Update frequency and timing：</bold> Updated once daily at between {{updateWindowStart}} to {{updateWindowEnd}}.","btcy-faq-q5-example-large-label":"Large-redemption","btcy-faq-q6-cutoff-before":"<bold>Submitted before {{publishTime}} on Day T</bold> → Settled at <bold>Rate(T)</bold>.","btcy-faq-q5-fee-change-notice":"If any rate changes, we will publish an Announcement at least {{noticePeriod}} in advance, and you may exit before the change takes effect. Current rates are as shown on the product page and this FAQ.","btcy-faq-q5-redemption-fee-label":"Redemption fee","btcy-faq-q5-example-standard-label":"Standard Exit","btcy-faq-q10-bullet-paused":"<bold>Weekly distributions paused：</bold> If the confirmed yield is negative, no BTC distribution is made for the week. Historical distributions already credited to the Spot Account are not affected.","btcy-faq-q6-row-yield-cutoff":"Yield cutoff","btcy-faq-q10-arrangements-title":"<bold>Distribution arrangements during negative-yield periods：</bold>","btcy-faq-q8-example":"For example, if the current BTCY Conversion Rate = {{exSampleRate}} BTC/BTCY Amount, this means a BTCY could currently be converted to {{exSampleRate}} BTC for calculation purposes.","btcy-faq-q7-bullet-standard":"<bold>Standard Redemption：</bold> Between submission and settlement date, BTCY are <bold>held normally</bold> and participate in all weekly distribution snapshots.","btcy-faq-q6-fast-yield-cutoff":"Seeks to receive weekly distributions until settlement","btcy-faq-q6-note":"Note： Redemption times may vary, please see the product terms for more information.","btcy-faq-q6-fast-quota-limit":"Subject to cyclical quota","btcy-faq-q6-fast-fee-rate":"Higher","btcy-faq-q6-fast-cancellability":"Not cancellable","btcy-faq-q6-row-quota-limit":"Quota limit","btcy-faq-q8-uses-intro":"<bold>Uses of the BTCY Conversion Rate：</bold>","btcy-faq-q7-bullet-fast":"<bold>Fast Redemption：</bold> BTCY held between submission and settlement remain eligible for the current period's distribution snapshot.","btcy-faq-q8-core-meaning":"<bold>Core meaning：</bold> \"How much BTC can one BTCY be converted to?\"","btcy-faq-q6-standard-quota-limit":"Subject to cyclical quota","btcy-faq-q6-cutoff-after":"<bold>Submitted at or after {{publishTime}} on Day T</bold> → Settled at <bold>Rate(T+1)</bold>.","btcy-faq-q8-answer":"The BTCY Conversion Rate is the exchange parameter between BTCY strategy positions and BTC, denominated in BTC.","btcy-faq-q6-cutoff-rules-title":"Fast Redemption Cutoff Rules：","i-understand-that-btc-yield-is-not-capital":"I understand that BTC Yield is not capital protected, and I may lose some or all of my BTC. Weekly BTC distributions are based on my eligible BTCY balance and are not guaranteed.","i-understand-that-fast-exit-may-be-unavailable":"I understand that fast Exit may be unavailable, and Standard Exit may be subject to processing windows, capacity limits, delays and fees and I understand that Fast Redemption incurs a {{fastRate}} fee on the total redemption amount, while Standard Redemption incurs a {{standardRate}} fee on the total redemption amount (as updated from time to time).","subscription-not-possible-blackout-utc":"Subscription is not possible between {{start}} and {{end}} UTC.","enter-numbers-of-btcy":"Enter Number of BTCY","go-to-account":"Go to Account","congratulations-you-ve-successfully-redeemed-your-assets":"Congratulations! You've successfully redeemed your assets. Please check in your Earn Account.","this-redemption-cannot-be-cancelled-after-the-redemption-cutoff":"This redemption cannot be cancelled after the Redemption Cutoff.","i-understand-that-fast-exit-may-be-unavailable-and":"I understand that Fast Exit may be unavailable, and Standard Exit may be subject to processing windows, capacity limits, delays and fees.","i-understand-that-btc-yield-is-not-capital-protected":"I understand that BTC Yield is not capital protected, and I may lose some or all of my BTC.","estimate-numbers-of-btcy":"Estimate Number of BTCY","btcy-conversion-rate-is-calculated-to-determine-how-much":"BTCY Conversion Rate is calculated to determine how much BTCY you receive when subscribing and how much BTC you receive when redeeming. <emptyLine />BTCY Conversion Rate is confirmed at the next published BTC Yield Conversion Rate (daily).","daily-platform-redemption-quota":"Daily Platform Redemption Quota","btcy-distributed-to-earn-wallet":"Your BTCY will be distributed to your Earn Account","gross-amount-formula":"Gross Amount = Redemption BTCY Amount * Conversion Rate","i-understand-that-btc-credits-apy-realised-apy":"I understand that BTC Credits, APY, realised APY, illustrative yield, or similar figures shown in connection with BTCY are for information purposes only, are not guaranteed, may be zero, and refer to BTC-denominated amounts only rather than actual or predicted returns in fiat or any other digital asset such as BTC.","confirmation-date":"Confirmation Date","i-understand-a-fee-0-12-for-fast-redemption":"I understand a fee ({{fastRate}} for Fast Redemption, {{standardRate}} for Standard Redemption as updated from time to time) on the total redemption amount will be deducted in BTC from my redeemed BTC before it reaches my Spot Account.","you-have-triggered-a-large-redemption-large-redemptions":"You have triggered a large redemption. Large redemptions require manual review. Please check your account for the final result and redemption time.\n\nTo ensure queue fairness, the platform may impose limits on <bold>repeated submissions followed by cancellations</bold> (e.g., no more than 1 cancellation within a given number of cycles).\n\nThe platform reserves the right to refuse this large redemption request.","btc-income-distribution-date":"BTC Income Distribution Date","redemption-not-possible-blackout-utc":"Redemption is not possible between {{start}} and {{end}} UTC."}