Crypto Finance reports that market analyst Jeff Park states that long-term Bitcoin whales are suppressing the spot price of Bitcoin by selling covered call options. A covered call option refers to an option seller selling the buyer the right — to purchase an asset at a predetermined price in the future — in exchange for the option premium. Park points out that large, long-term BTC investors introduce disproportionate selling pressure through this strategy, partly because market makers stand on the other side of the trade, buying these covered call options. This means that market makers, in order to hedge the risk associated with their purchased call options, must sell BTC in the spot market, thereby exerting downward pressure on the market price even as demand from traditional exchange-traded fund (ETF) investors remains strong.