The weather isn’t the only thing getting warmer as of late — the crypto winter may finally be over.
At least, that’s what some analysts are hoping is currently happening. Here’s why: After spending a few months well below the $70k price mark, the price of bitcoin is now on the rise. As of April 24, 2026, bitcoin sits around $78k, and is approaching the $80k goalpost.
Bitcoin’s price comeback is naturally causing many bitcoin bulls to hope that the crypto winter is but a thing of the past. In fact, some are even hopeful that bitcoin can renew its trend of pushing past the $100k mark once more.
Institutional investors are also looking to increase their bitcoin allocations right now. Recently, Michael Saylor’s Strategy eclipsed BlackRock as the largest institutional bitcoin holder in the world, following a $2.5 billion bitcoin buy.
See More: Bitcoin Dip Debate Creates Buy Sign for Defensive Exposure
For those considering buying back into bitcoin once more, it might be a good idea to do so through a more risk-adverse approach. After all, while the outlook for bitcoin is looking more optimistic, the cryptocurrency can still be a riskier investment.
CBXA Offers a Defensive Vehicle for Tapping Into Bitcoin Momentum
Protected bitcoin ETFs like the Calamos Bitcoin 90 Series Structured Alt Protection ETF – April (CBXA) can help investors tap into a potential bitcoin rally in a more cautious manner. CBXA uses a dedicated options strategy to gain exposure to bitcoin’s price performance, up to a predetermined cap. This cap is far higher than traditional buffer ETFs — the fund launched with a cap rate around 23%.
One of the most significant selling points of CBXA is its bulwark of downside protection. Before fees and expenses, CBXA limits overall loss to no more than 10% across its one-year outcome period.
See More: Beating the Crypto Winter: How Protected Bitcoin ETFs Won
Put together, CBXA’s approach makes it a potentially safer choice for riding any future momentum in the bitcoin space. The fund’s generous upside cap allows it to participate well in any rallies, while the downside protection helps to keep its investors safer from potential volatility. As such, regardless of whether the crypto winter is truly over or not, CBXA will be ready to execute on its strategy nonetheless.
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Before investing, carefully consider a Fund’s investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information which can be obtained by calling 1-866-363-9219. Read it carefully before investing.
The Fund seek to provide investment results that, before taking fees and expenses into account, track the positive price return of the CME CF Bitcoin Reference Rate – New York Variant (“BRRNY”) (“Spot bitcoin”) up to a predetermined upside cap (the “Cap”) while seeking to protect against 90%, respectively, of losses (before total fund operating fees and expenses) of Spot bitcoin over a period of approximately one (1) year (the “Outcome Period”). The Fund will not invest directly in bitcoin. Instead, the Fund seek to provide investment results that, before taking total fund operating fees and expenses into account, track the positive price return of Spot bitcoin by investing in options that reference the price performance of one or more underlying exchange-traded products (“Underlying ETPs”) which, in turn, own bitcoin and/or one or more indexes that are designed to track the price of bitcoin (“Bitcoin Index”).
The Target Outcome may not be achieved, and investors may lose some or all of their money. The Fund are designed to achieve the Target Outcome only if an investor buys on the first day of the Outcome Period and holds a Fund until the end of the Outcome Period. While the Fund seek to provide 90% protection against losses experienced by the price of Spot bitcoin for shareholders who hold Fund Shares for an entire Outcome Period, there is no guarantee a Fund will successfully do so. If a Fund’s NAV has increased significantly, a shareholder that purchases Fund Shares after the first day of an Outcome Period could lose their entire investment. An investment in the Fund is only appropriate for shareholders willing to bear those losses. There is no guarantee the Capital Protection and Cap will be successful, and a shareholder investing at the beginning of an Outcome Period could also lose their entire investment.
An investment in the Fund is subject to risks, and you could lose money on your investment in a Fund.
There can be no assurance that a Fund will achieve its investment objective. Your investment in a Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The risks associated with an investment in a Fund can increase during times of significant market volatility. The Fund also have specific principal risks, which are described below. More detailed information regarding these risks can be found in the Fund prospectus.
Investing involves risks. Loss of principal is possible. The Fund face numerous market trading risks, including authorized participation concentration risk, underlying ETP risk, cap change risk, capital protection risk, capped upside risk, cash holdings risk, concentration risk, clearing member default risk, correlation risk, costs of buying and selling fund shares, counterparty risk, derivatives risk, equity securities risk, FLEX options risk, interest rate risk, investment in a subsidiary, investment timing risk, liquidity risk, management risk, market maker risk, market risk, new fund risk, non-diversification risk, options risk, OTC options risk, position limits risk, premium-discount risk, secondary market trading risk, sector risk, tax risk, trading issues risk, U.S. Government security risk, U.S. Treasury risk, and valuation risk. For a detailed list of Fund risks see the prospectus.
Digital Assets Risk: The Bitcoin network was first launched in 2009 and bitcoins were the first cryptographic digital assets created to gain global adoption and critical mass. Although the Bitcoin network is the most established digital asset network, the Bitcoin network and other cryptographic and algorithmic protocols governing the issuance of digital assets represent a new and rapidly evolving industry that is subject to a variety of factors that are difficult to evaluate. Moreover, because digital assets, including bitcoin, have been in existence for a short period of time and are continuing to develop, there may be additional risks in the future that are impossible to predict as of the date of this prospectus. Digital assets represent a new and rapidly evolving industry, and the value of the Underlying ETPs’ shares depends on the acceptance of bitcoin. The realization of one or more of the following risks could materially adversely affect the value of the Underlying ETPs’ shares.
90% capital protection is over a one-year period before fees and expenses. All caps are predetermined.
Cap Rate – Maximum percentage return an investor can achieve from an investment in a Fund if held over the Outcome Period.
Protection Level – Amount of protection a Fund is designed to achieve over the Days Remaining.
Outcome Period – Number of days in the Outcome Period.
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