Bitcoin options boom raises fears of capped BTC upside

Bitcoin cash-and-carry trades faded toward the end of the year, leading funds to shift to Bitcoin options for yield. Is the strategy putting a cap on BTC price?

Key takeaways:

Covered calls gained traction as cash-and-carry returns collapsed, but data shows they are not structurally suppressing Bitcoin’s price.

Stable put-to-call ratios and rising put demand suggest hedging and yield strategies coexist with bullish positioning.

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