Bitcoin spot price is currently under pressure because long-term holders are selling covered call options. Market analyst Jeff Park states that when whales sell call options, market makers have to sell spot Bitcoin to hedge their risk. This forced selling directly pushes the spot price down.
In this situation, despite strong demand from the ETF side, the price is struggling to go up. The pressure from the options market caps the upside in the short term and makes the market sideways or slightly bearish.
However, this strategy is often used when investors are not expecting a major crash. This could also mean that whales are earning premiums and are still confident in long-term Bitcoin.
Overall, this news shows bearish pressure in the short term but does not completely turn the long-term trend negative.
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