Jeff Park, a market analyst, said the whales, long-time bitcoin holders, were suppressing the spot price of bitcoin by selling covered calls, in which the seller sells the right to buy an asset at a predetermined price in the future in exchange for the option premium.
Parker pointed out that large, long-term BTC investors have introduced disproportionate selling pressure through this strategy, in part because market makers are on the other side of the trade and buying these covered calls.
This means that market makers have to sell BTC in the cash market to hedge against the risks posed by their long calls, putting downward pressure on market prices even as demand from traditional exchange traded fund (ETF) investors remains strong.
Analysts: Bitcoin OG's selling of covered call options is the main reason for suppressing prices
2025-12-13 22:42:04
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