Latest developments: Calamos says its protected Bitcoin ETFs are attracting inflows even as spot Bitcoin ETFs see redemptions. How it works: Calamos structures the products using Treasuries and options tied to Bitcoin-linked indexes. What advisors are asking: Wealth managers are becoming more sophisticated in how they evaluate crypto exposure. Reading between the lines: The crypto ETF market is evolving beyond simple spot exposure. What comes next: Calamos expects Bitcoin volatility to remain a defining feature of the asset. Bitwise says investor demand for Hyperliquid exposure is surging as new HYPE ETFs launch.