Bitcoin Covered-Call Strategy Could Deliver 22% Yield in Range-Bound Market
Bitcoin News Bitcoin (BTC) investors weathering a sideways market may be able to harvest an annualized yield above 22% by selling covered calls against their spot holdings, according to fresh research from asset manager Grayscale. Research head Zach Pandl, writing on 15 July 2026, argued that if Bitcoin has already found a durable bottom but drifts before its next leg higher, option premium income can generate returns while cushioning downside. Grayscale modelled a $65,000 spot price and 40% implied volatility through end-2026, producing roughly 22% annualized, a breakeven near $58,500, and outperformance versus spot up to about $72,500. Its BTCC covered-call ETF last traded at $13.04. See our Bitcoin hub for context. Spot Bitcoin traded in a tight band near $64,564 on Monday, slipping about 0.35% over 24 hours as the market awaited a directional catalyst. The Fear the measure is symbolic and cannot block a presidential decision. Separately, the FTX Recovery Trust said it would distribute roughly $900 million to creditors in its fifth repayment round, bringing total payouts to about $10 billion since the 2022 collapse. Tokenized-stock market capitalization climbed to a record $2.3 billion as investors sought blockchain-based equity exposure, underscoring steady structural growth even amid a cautious bear









