CoinMeta data: Blackstone Group has submitted an application to the U.S. Securities and Exchange Commission, planning to launch a Bitcoin fund named "Buffer." This fund will limit investors' profits in exchange for downside protection. The fund will use the trading code ETF and aims to provide investors with exposure to the upside of Blackstone's Bitcoin trust ETF ( IBIT ) and similar Bitcoin assets, while also offering a certain level of downside protection. The fund will not directly hold Bitcoin or Bitcoin ETF; instead, it will cover its costs by purchasing call options on IBIT and selling call options at a higher price. According to CoinMeta data, Blackstone's IBIT is the largest spot Bitcoin fund, managing assets worth $66.37 billion, and it attracted $6.652 million in net inflows on Monday.