Anchorage Digital: Bitcoin Covered-Call Yield Can Limit Upside During Sharp BTC Rallies
Anchorage Digital says systematic Bitcoin covered-call writing can create synthetic yield, but warns the same trade may materially cap returns when BTC enters fast bull-market runs. In simulations spanning October 2021 to April 2026, the firm analyzed more than 37,000 backtests and found performance improved when calls were sold only under specific trend and implied-volatility conditions.