ME Message, December 14 (UTC+8), market analyst Jeff Park stated that long-term investors holding large amounts of Bitcoin ("whales" or "OGs") are driving down the spot price of Bitcoin by selling covered call options, introducing disproportionate selling pressure. This means that market makers must hedge their risk exposure from buying call options by selling spot Bitcoin, thereby forcing the market price down, although traditional ETF investors have strong demand. Note: Selling call options gives the buyer the right, but not the obligation, to purchase the asset at a predetermined price in the future, while the seller collects the option premium. (Source: ME)