Why Whales Take 7% When They Could Take 30%
The math that separates generational wealth from gambling:
The yield curve is a trap disguised as opportunity.
30% APY on the left. 7% on the right.
What the curve actually shows:
High premium = the market expects to take your Bitcoin.
You're not getting paid for being smart.
You're getting paid for being exit liquidity.
The math of covered calls:
Aggressive seller: 30% yield → assigned once → buys back higher → nets -5%
Whale at 7%: Never assigned → compounds a decade → doubles stack
Why is BTC vol only ~27%?
Because whales are all doing this same trade.
Massive covered call selling compresses volatility.
The "boring" premium IS the signal.
Why $100k strike?
Far enough to survive a squeeze. Liquid enough to roll if threatened. Boring enough that nobody competes.
The best strike is the one nobody's excited about.
The best yield is the one you can collect forever.
(NFA)
