Bitcoin has shown a volatile picture for weeks. There’s clear interest from institutional investors, especially through the well-known exchange funds (ETFs), yet the price struggles to make real progress.
According to market analyst Jeff Park, this isn’t due to lack of buyers, but rather the behavior of a group that has been active in the market for years: old, large Bitcoin holders trying to capture extra returns.
Bitcoin Whales Suppress Price with Options #
Many of these early investors and whales have owned Bitcoin for over ten years.
Instead of selling their coins, they choose a different strategy: they write call options, using their existing Bitcoin as collateral.
This gives others the right to buy Bitcoin in the future at a fixed price, in exchange for a premium they receive immediately. While this may seem harmless at first glance, the effect on the market is greater than many people realize.
The parties buying these options are often market makers. They don’t leave this risk open and hedge by selling Bitcoin on the spot market. This creates additional selling pressure precisely when the market wants to move up.
Even if ETF investors buy Bitcoin en masse, this selling pressure can slow the price. According to Park, this happens because no new demand is created.
The Bitcoin used for these options has been sitting idle for years and doesn’t bring fresh liquidity into the market. The only new element is the selling pressure created by the options game.
“If you’ve owned Bitcoin for more than ten years and sell call options against it, you’re only adding new selling pressure to the market. You’re effectively a seller,” says Park.
Bitcoin Decoupled from Stock Market #
This mechanism helps explain why Bitcoin behaves differently than stocks. In the second half of 2025, US stock indices continued to set new records, while Bitcoin fell back toward $90,000.
Many investors expect Bitcoin to move with tech stocks, but instead, the price appears to be primarily driven by what happens in the options market.
Expectations for what comes next vary. Some in the market expect Bitcoin to regain momentum if the US central bank continues with interest rate cuts and more money flows into the financial system.
Other analysts are much more cautious. They don’t rule out Bitcoin first falling further toward $76,000 and believe the strongest phase of the bull market may already be behind us.