Investors Hit the Brakes on Grayscale’s Covered-Call Bitcoin Play as Outflows Mount
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The Grayscale Bitcoin Covered Call ETF, BTCC, saw investors pull $651,060 on December 22, 2025, a meaningful move that shaved roughly 2.63% off its $24.75 million in assets under management. The latest outflow underscores mounting caution toward option-overlay bitcoin strategies as underlying crypto prices struggle to regain momentum.
While the redemption represents a relatively small absolute sum, its size relative to AUM signals that a noticeable slice of investors is reassessing the balance between income generation and downside participation that covered-call structures provide. Such products typically appeal to holders seeking yield in sideways markets; steady outflows can suggest confidence is waning in that thesis—or that investors prefer direct exposure to bitcoin’s volatility instead.
The related asset, BTC-USD, is currently trading at $87,867.55, down about 20.61% over the past three months, reflecting a sharp retracement from its recent highs. Short-term sentiment remains fragile, with a 1-day technical signal flashing Strong Sell. This combination of a pronounced medium-term pullback and bearish near-term technicals helps explain why some investors may be exiting structured products tied to bitcoin rather than doubling down.
For a more detailed analysis and real-time sentiment trends, check the live cryptocurrency prices here.