Bitcoin Whales Are Quietly Pressuring BTC Prices

[etfs]

Long-term Bitcoin whales are increasingly selling covered calls — an options strategy that generates premium income but adds sell-side pressure to the market. According to analyst Jeff Park, this behavior is suppressing Bitcoin’s spot price even as ETF demand remains strong.

When whales sell covered calls, market makers hedge by selling spot BTC, pushing prices lower. Because the Bitcoin used in these strategies is long-held inventory, it doesn’t introduce new demand — only fresh downside pressure.

[Nahid Hossen]

Whale activity often moves the market before retail even notices.

[Abdul Khan]

Quiet distribution phases usually show up clearly on-chain later.