Grayscale is promoting a covered call strategy that could deliver 22% annualized returns for Bitcoin holders during range-bound markets. According to Grayscale's Head of Research Zach Pandl, the strategy involves holding spot Bitcoin while selling call options against the position, collecting premiums as income. Under hypothetical conditions of Bitcoin near $65,000 with 40% implied volatility for a December 2026 at-the-money call, the strategy would deliver these returns if prices stay stable. The breakeven sits around $58,500, with the position outperforming simple spot holdings up to approximately $72,500.
Glassnode analyst Cryptovizart has identified early signals of a bear market bottom through on-chain data analysis. The analysis tracks the 1-2-year holder cohort who purchased Bitcoin between July 2024 and July 2025, near the cycle peak when Bitcoin climbed toward $107,000. According to the data, the 30-day moving average of realized losses for these holders spiked above $75 million before reversing, which historically marks the clearest early signal that the heaviest distribution phase is over. Glassnode flags $69,000 as the decisive battleground, aligning with the aggregate cost basis for short-term holders and former 2021 record highs.
Crypto analyst Michaël van de Poppe suggests Bitcoin is positioned for a recovery, noting the cryptocurrency is already above daily moving averages and primed for a breakout. According to van de Poppe, a clear breakout above $65,000 would signal the move, with $80,000 targeted for August. The convergence of income tools and cooling capitulation provides long-term holders with potential strategies to work with, though risks remain including opportunity costs during strong bull runs and real losses if prices collapse below breakeven levels.
