#比特币价格分析 Seeing Jeff Park's analysis this time, it's quite interesting. Whales are using covered call options to suppress spot prices, while market makers hedge by dumping—this structural selling pressure can't be explained by simple selling.

Thinking carefully, this logic is actually very important for us copy traders. Those OG whales who have held positions for years have now shifted their operation logic from "speculating for gains" to "locking in profits," using options as a tool to earn premiums, which is essentially risk management. What does this tell us? The true big players no longer care about short-term rises and falls; they care about stable cash flow.

Looking at the current market situation: ETF demand still exists, but OG selling hasn't stopped, and implied volatility has dropped from 63% to 44%. In this environment, chasing high positions is extremely risky. Recently, several aggressive traders I follow have started to reduce leverage and shrink their positions—they sensed the pressure earlier than the data showed.

So, the current strategic adjustment is like this: I will still follow swing traders, but reduce the position size to about 60% of usual; for ultra-short-term traders who rely on high volatility, I will pass directly. Either wait for volatility to rise again, or wait for the market maker's hedging positions to subside; otherwise, operating under structural pressure is just reckless, with a terrible risk-reward ratio.

Experience proves that understanding market structure is more important than just watching the charts.