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Jinse Finance reported that market analyst Jeff Park stated that bitcoin whales who hold long-term positions are suppressing the spot price of bitcoin by selling covered call options. A covered call option refers to the seller granting the buyer the right to purchase a certain asset at a predetermined price in the future, in exchange for an option premium. Park pointed out that large, long-term BTC holders are introducing disproportionate selling pressure through this strategy, partly because market makers are on the other side of the trade, buying these covered call options. This means that in order to hedge the risk from buying call options, market makers must sell BTC in the spot market, thereby exerting downward pressure on market prices even as demand from ETF investors on traditional exchanges remains strong.

Jinse Finance reported that CryptoOnchain posted on the X platform that activity on the Ethereum network is cooling down, with the 7-day moving average of active addresses dropping to 327,000, marking the lowest level since May 2025. This figure has contracted significantly from the August peak of 483,000, indicating a clear decline in on-chain participation. During the same period, the price of ETH has pulled back from around $4,800 to approximately $3,100, further confirming the trend of weakening demand. The correlation between price and activity suggests that demand for block space is decreasing, with some retail or short-term participants exiting the market. In a healthy bull market cycle, price increases are usually accompanied by an expansion in network usage, rather than contraction. Therefore, a sustained rebound in the number of active addresses would be a key on-chain signal of renewed demand and momentum.