The Bitcoin market remains boring. Investors chasing yields may be partly to blame

Yield hungry investors seem to have influenced market flows such that they limit price swings. What to know : Bitcoin has traded in a tight range around $70,000 since mid-February. Institutional investors have been selling covered call options on their bitcoin holdings to generate extra yield, shifting significant gamma exposure to market makers. Market makers’ hedging of this positive gamma seems to have mechanically suppressed price swings and driven down bitcoin volatility indices.