Long-term Bitcoin whales are suppressing spot BTC prices by selling covered calls, forcing market makers to sell spot BTC to hedge their exposure. This leads to a net downward pressure on prices, impacting price action. Analysts predict Bitcoin’s price will remain choppy as whales profit from selling covered calls.

Bitcoin decouples from stocks in the second half of 2025, falling to around $90,000 while stocks continue to rise. Analysts anticipate a potential price rally when the Federal Reserve cuts interest rates and injects liquidity. However, some analysts project a drop to $76,000, suggesting Bitcoin’s bull run may be over.

Read more at Cointelegraph: Bitcoin OGs Selling Covered Calls is the Source of Sideways Market: Analyst