I noticed an interesting trend in how major traders are approaching Bitcoin lately. Instead of just accumulating positions on the spot, it’s already becoming boring for experienced players—they’re moving toward more complex options structures.

Here’s a fresh example: the company TDX Strategies, which is based in Hong Kong, offered its clients a strategy called “bull risk-reversal.” The idea is that the trader sells out-of-the-money put options (—in essence, insurance against a drop )—and receives a premium for it. He immediately invests this premium into buying out-of-the-money call options. The result: nearly zero initial costs, but full participation in Bitcoin’s upside.

When I first read this, I thought: it sounds like an ideal scheme. And in part, it is. But there are nuances. If Bitcoin falls below the put strike price, the trader is required to buy it at that price, even if it’s higher than the current market price. And if the rise doesn’t live up to expectations, the call options will simply expire worthless. That creates an asymmetric outcome: limited upside potential, but a serious downside risk.

TDX considers the current market volatility as an excellent entry point for positions like these. They talk about geopolitical factors that create short-term price fluctuations, but they see it as an opportunity. The strategy is aimed at March–April, when the options expire.

A separate story: Bhutan quietly sold off most of its Bitcoins. Back in October 2024, the kingdom had about 13,000 BTC, and now only about 3,954 remain. At current prices, that’s roughly $280 million. It seems they either shut down hydro-energy mining or simply decided to lock in profits. What’s interesting is what this suggests about the long-term intentions of state players in the market.

Overall, you can see how the market is evolving. From simple spot buys and leverage, traders are moving toward instruments that require a real understanding of how options work. This isn’t for beginners, but for those who know their way around it opens up new opportunities for risk management.