Bitcoin OGs selling covered calls are quietly capping $BTC’s upside despite strong ETF demand.
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Bitcoin price faces pressure as long-term holders sell covered calls, offsetting ETF demand and impacting market momentum. Recent market activity suggests that long-term Bitcoin holders, often referred to as “OGs,” are applying a covered call strategy that may be contributing to downward pressure on Bitcoin’s spot price. Market analyst Jeff Park has outlined how these strategic options trades influence short-term price dynamics, despite growing interest from traditional exchange-traded fund (ETF) investors. Covered Calls Add Downward Pressure on Bitcoin Covered calls involve selling call options while holding the underlying asset. In Bitcoin’s case, OGs are using their long-held BTC to write these options and collect premiums. This action does not introduce new demand or fresh liquidity, which limits the potential for price growth. Park explained that when market makers buy these call options, they hedge their exposure by selling spot BTC. This activity forces the market price downward, even when institutional demand appears strong. Since Bitcoin used to back these options, it has remained untouched for over a decade; it does not contribute to new market participation but introduces sell-side pressure. OG whales are yield farming Bitcoin and capping the price? Jeff Park explains how large holders use the options market to sell covered calls, extracting income while BTC churns sideways. Video by @_Rob_WallaceLink to Jeff’s article below. pic.twitter.com/et9tvAxJgG — Bitcoin News (@BitcoinNewsCom) December 13, 2025 This continuous stream of covered calls means that OGs are effectively net sellers of delta, dampening bullish momentum. Park noted that as long as whales continue selling calls, the spot market may struggle to break higher. ETF Demand and Macro Factors Offer Contrasting Signals While native Bitcoin options appear to suppress price movement, data from ETF products tells a different story. Traditional investors, including those buying into BlackRock’s IBIT ETF, are reportedly willing to…
Filed under: News - @ December 14, 2025 5:26 pm