There was some questions in spaces about options holding down the BTC price.

I wasn’t able to fully answer, so I looked it up.

This is how large covered calls add downward pressure to Bitcoins price.

This is likely why we are currently range bound.

Recent market analysis highlights that large Bitcoin holders are heavily selling covered calls on platforms like Deribit.

This creates significant flow that market makers absorb:

- When whales sell calls → market makers buy those calls to provide liquidity.

- Buying calls gives market makers positive delta (long exposure) → so they hedge by **selling spot Bitcoin** (or equivalents like futures/perpetuals).

- This hedging creates downward pressure on Bitcoin's spot price, contributing to sideways or suppressed action despite strong demand (e.g., from BTC ETFs).

- Example from analysts like Jeff Park: Long-term holders' covered call selling adds "net negative delta" to the market, forcing market makers' hedges to cap rallies and promote mean-reversion around strike prices.