{"btcy-14d-avg-apr":"14D Avg. APR","btcy-chart-drawdown-legend":"Price Drawdown:","btcy-chart-nav":"Net Asset Value (NAV)","btcy-faq-q6-question":"What are covered calls?","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 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":"Dividends","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":"Is BTCY a blockchain token?","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":"How do I redeem my BTCY?","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":"Dividends 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":"How does BTCY generate yield?","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":"Who is BTCY designed for?","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":"BTCY (Bitcoin Yield Fund) is an open-ended, BTC-denominated yield product that generates returns through systematic Bitcoin covered call option strategies. The fund 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-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 Dividends","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":"How is yield distributed?","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":"How do I subscribe to BTCY?","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":"What makes BTCY different from other yield products?","btcy-faq-q24-question":"Can NAV go below 1 BTC?","btcy-history-redemption-shares":"Redemption Shares","btcy-faq-q10-scheduled-bullet4":"Continue receiving weekly yields until settlement","btcy-faq-q2-bullet1":"Want to maintain long BTC exposure","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":"Are willing to give up part of extreme upside gains","btcy-faq-q9-question":"Is there a minimum or maximum subscription amount?","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":"Net Asset Value (NAV)","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":"Seek rules-based BTC yield through systematic options strategies","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":"Subscribe Amount","btcy-last-dividends":"Last Dividends","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":"Weekly realized income is allocated between NAV growth and user distributions to provide both immediate yield and long-term value appreciation.","btcy-faq-q16-bullet4":"Adjustments for delta/gamma P&L","btcy-faq-q3-answer":"No. BTCY represents shares in a managed BTC yield fund. Your BTCY balance reflects your proportional ownership in the fund's assets, calculated based on the Net Asset Value (NAV).","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":"Dividends 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 consistent income while maintaining your Bitcoin holdings.","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":"Kwota subskrypcji","btcy-wallet-cancel-quota-tooltip":"Limit anulowania realizacji resetuje się co 2 cykle realizacji.","btcy-wallet-est-receive":"Otrzymasz około","Pending":"Oczekuje","btcy-wallet-nav-tooltip":"Wartość aktywów netto udziałów BTCY jest szacowana na podstawie ostatniej opublikowanej wartości aktywów netto.","btcy-wallet-est-receive-tooltip":"Szacowana kwota BTC jest oparta na ostatniej opublikowanej wartości aktywów netto. Rzeczywista kwota zostanie ustalona w momencie rozliczenia.","btcy-wallet-redemption-date":"Data złożenia wniosku o realizację","btcy-wallet-cancel-cutoff-tooltip":"Po upływie czasu granicznego nie można anulować realizacji.","btcy-wallet-cancel-remaining":"Liczba pozostałych anulowań","btcy-wallet-cancel-btn":"Anuluj","Processing":"Przetwarzanie","Under Review":"W trakcie weryfikacji","btcy-wallet-est-arrival-date":"Szac. data wpływu","btcy-wallet-redemption-amount":"Kwota realizacji","btcy-wallet-cutoff-time":"Godzina graniczna","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":"Net Asset Value (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"}