Analyst: BTC OG sells covered call options, lowering the spot price of Bitcoin

According to CoinTelegraph, market analyst Jeff Park stated that long-term investors holding large amounts of Bitcoin ("whales" or "OGs") are pressuring the Bitcoin spot price downward by selling covered call options, introducing disproportionate selling pressure.

This means that market makers must hedge the risk exposure of buying call options by selling spot Bitcoin, which forces the market price to decline, despite strong demand from traditional ETF investors.

Note: Selling call options gives the buyer the right, but not the obligation, to purchase the asset at a predetermined price in the future, while the seller collects the option premium.