Surge in BTC call selling suggests whales may be taking profits

A surge in large-scale call option selling has coincided with a slowdown in Bitcoin's rebound, according to Greeks.live analyst Adam. He noted a sudden spike in BTC block call option trades on July 7. Given the decline in implied volatility, Adam suggested that large-scale investors, or whales, appear to be selling the calls. The analyst added that sell positions for this month's expiring call options have increased significantly, and margin secured after the June quarterly expiration is being rapidly shifted into option-selling strategies amid the current rebound. Next week's expirations are concentrated at the $66,000 strike price, he explained.