Options Market Now Driving Bitcoin More Than Spot Demand

[etfs]

Bitcoin’s price is increasingly being influenced by the derivatives market rather than direct spot buying. Park’s analysis suggests that sustained call selling by whales is steering price movements, overwhelming inflows from traditional ETF investors.

As long as large holders continue extracting yield through options, Bitcoin may struggle to break out — even with strong long-term fundamentals and rising adoption.

[Nahid Hossen]

Derivatives influence is growing—options are clearly shaping short-term BTC moves.

[Abdul Khan]

This explains why price reactions feel sharper around key expiry levels.