🔥ME News, December 14 (UTC+8), market analyst Jeff Park said that long-term investors holding large amounts of Bitcoin ("whales" or "OGs") are suppressing the spot price of Bitcoin by selling covered call options, introducing disproportionate selling pressure.

This means that market makers must hedge their exposure to buying call options by selling spot Bitcoin, thereby forcing market prices down, despite strong demand from traditional ETF investors.

Note: Selling call options gives the buyer the right, but not the obligation, to buy an asset at a predetermined price in the future, while the seller collects the option fee. [Source: MarsBit]$BTC