#比特币价格分析 I was recently confused by the price movement of Bitcoin😅. Seeing such strong ETF buying pressure, why is BTC still unable to rise? I just figured it out today—it's because whales are playing "covered call options" as a fancy strategy!

Simply put: OG holders sell options to collect premiums, and market makers hedge their risk by selling Bitcoin in the spot market. As a result, although buying demand is strong, selling pressure also emerges, which keeps the price tightly suppressed😭

Even more painfully, the implied volatility has dropped from 63% in November to 44% now, indicating that market volatility is being suppressed. Analysts say "either volatility or death," which suggests that a big move in Bitcoin in the short term is still difficult.

For a beginner like me, I’ve learned one thing: the price increase depends not only on buying demand but also on market structure. Those complex derivatives strategies may seem distant, but they directly impact the spot price. Can experienced traders help me understand how a newcomer should respond more safely in this situation?