Investors Ease Off the Yield Trade as Outflows Hit Roundhill’s Bitcoin Covered Call ETF

Investors Tap the Brakes on Bitcoin Options Play as Outflows Hit Roundhill’s YBTC

The Roundhill Bitcoin Covered Call Strategy ETF, YBTC, saw redemptions of $1,841,646 on December 22, 2025, as investors trimmed exposure to the options-based Bitcoin strategy. The withdrawal represents roughly 0.83% of the fund’s latest reported assets under management, which stand at $222.6 million—modest in percentage terms but notable amid a choppy backdrop for crypto-linked products.

The outflow suggests some investors may be reassessing income-focused Bitcoin strategies that monetize volatility through covered calls. While such products can smooth returns and generate yield, they can also cap upside participation during sharp rebounds—an increasingly relevant trade-off as crypto markets struggle to find direction.

The related asset, BTC-USD, is currently trading at $87,952.01. Over the past three months, Bitcoin has dropped about 23.43%, underscoring the pressure on bullish sentiment after earlier record highs. On a shorter time frame, however, the market appears more indecisive: the 1-day technical signal for Bitcoin is a cautious Hold, reflecting neither a clear bullish nor bearish conviction among technical traders.

For YBTC holders, the combination of sizable recent price declines in Bitcoin and neutral near-term technicals may be prompting a more tactical stance—locking in option income while reducing capital at risk. Whether this latest outflow marks the start of a broader shift away from covered-call crypto strategies or a brief bout of year-end repositioning will likely depend on Bitcoin’s next big move.

For a more detailed analysis and real-time sentiment trends, check the live cryptocurrency prices here.