Long-term Bitcoin (BTC) whales selling covered calls, a strategy of selling call options that give the buyer the right but not an obligation to purchase an asset in the future at a predetermined price in exchange for the seller collecting a premium, is suppressing spot BTC prices, according to market analyst Jeff Park.
Large, long-term BTC holders, also known as “whales” or “OGs,” introduce a disproportionate amount of sell-side pressure through this covered call strategy, partly…
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