After seeing Pan Da's article, I also want to say a few words. What Pan Da is doing is holding a position to sell CALL, more precisely, it is a Covered Call.

In simple terms, it is selling $BTC at a high price in dual-currency wealth management. Of course, selling CALLs myself through the options market usually results in premiums that are more transparent and higher than those packaged by exchanges in dual-currency wealth management, but the underlying logic is actually similar.

Essentially, it involves holding Bitcoin or $IBIT and then selling a call option for a future price.

If the price does not rise to the strike price by expiration, then the CALL expires worthless, and I continue to hold BTC or IBIT while earning the premium. If the price exceeds the strike price at expiration, then the BTC or IBIT I hold will be sold at the agreed price.

Recently, I have also been doing PUT selling transactions, but I still prefer the dual-currency investment from exchanges. Although a portion of the money will be taken by the exchange, it is mainly simple, and comparatively, I prefer the ability to buy Bitcoin at a low price in the spot market, making dual-currency investment more suitable for me.

Of course, capable partners can do options on their own, I took $30,000 as a test, and by last Friday, the total income was $405.66, with an annualized return of 14%. However, considering that I forgot a few days, if calculated based on natural days, it is approximately around 12%, similar to Pan Da's.

The biggest advantage of selling PUT or low-priced buying BTC is to bottom-fish in the spot market. If I can buy at a price I approve of, I will buy; if I cannot buy, then I earn the premium. This is something I personally like quite a bit, and the reasoning behind Pan Da's selling CALL is similar, but it is not very suitable for me because if there is a rapid rise, I may miss out on continuous rising income.

Of course, selling PUTs like I do also has its issues. My idea is to buy Bitcoin below $70,000, but when the BTC price exceeds my psychological expectation, I tend to not want to buy, which leads to a dilemma in selling PUTs, as I can clearly see the interest significantly decrease.

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