Long-term Bitcoin (BTC) holders, often referred to as "whales" or "OGs," are making waves in the market, and not in a good way. According to market analyst Jeff Park, these seasoned investors are selling covered calls, which is putting significant downward pressure on Bitcoin's price. This strategy involves selling call options, allowing buyers the right, but not the obligation, to purchase Bitcoin at a predetermined price while the seller collects a premium. While traditional ETF investors are willing to pay premiums to go long, the actions of these Bitcoin natives are creating a damper on any potential price rallies.

Park explains that long-term BTC holders introducing this sell-side pressure are exacerbated by market makers, who are on the other side of these transactions. When whales sell covered calls, market makers must hedge their exposure by selling spot BTC, which in turn pushes market prices down. This situation arises despite strong demand from traditional exchange-traded fund (ETF) investors, who are eager to capitalize on Bitcoin's potential.

The dynamics of the options market are playing a crucial role in Bitcoin's price behavior. Park notes that the BTC used to underwrite these options has been held for a long time, meaning it doesn't represent new demand or fresh liquidity. Instead, the selling of calls adds a net downward pressure on prices. As Park puts it, when you sell calls against Bitcoin that you've held for a decade or more, you're essentially introducing negative delta into the market. This creates a scenario where the overall market sentiment leans bearish, affecting Bitcoin's movement.

In recent months, Bitcoin's price has experienced a disconnect from traditional stock markets. While analysts have suggested that Bitcoin has often mirrored tech stocks, the latter half of 2025 saw Bitcoin falling to about the $90,000 level, even as stocks continued to reach new highs. This decoupling raises questions about Bitcoin's future trajectory, especially as it hovers above the $90,000 mark.

Some analysts are optimistic, forecasting that Bitcoin will regain its upward momentum as the United States Federal Reserve continues its rate-cutting cycle. This potential influx of liquidity into the financial system could serve as a catalyst for risk-on assets like Bitcoin. According to the CME Group’s FedWatch data tool, 24.4% of traders expect another interest rate cut at the upcoming Federal Open Market Committee (FOMC) meeting in January.

Conversely, other analysts are less optimistic. Some project a potential drop in Bitcoin's price to around $76,000, suggesting that the current bull run may already be over. This mixed sentiment underscores the inherent volatility in the cryptocurrency market, where sentiments can shift rapidly based on macroeconomic factors and investor behavior.

Ultimately, the actions of Bitcoin OGs selling covered calls are shaping the landscape, making it essential for investors to stay informed about market dynamics. As the options market continues to influence price action, it remains to be seen how long this trend will persist and what impact it will have on Bitcoin's future. Investors should keep a close eye on the interplay between traditional finance and cryptocurrency as we move further into 2026.