10x Research suggests selling out-of-the-money call and put options tied to bitcoin while holding the cryptocurrency in the spot market.
The premium received for selling/shorting the call option, or protecting the counterparty from price rallies, and selling the put or insurance against downtrends, represents the extra yield. "Hence, this strategy provides us with either a 17% downside buffer or 17% more yield, depending on where BTC closes in December, plus we would capture all the upside for bitcoin," Thielen added.
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