The bitcoin market has been stuck in a rut for over a month, with investors using call options to generate additional yield. Since mid-February, BTC has traded in a range centred on $70,000. Some observers believe these factors have been due to counteracting forces such as Iran war-led haven demand and rising U.S. Treasury yields. Investors have been selling call options, which generate premiums while covering the call buyer on potential BTC price rallies. This strategy allows them to generate more yield on top of their spot market holdings. However, traders have been shorting or selling these calls to market makers, which are often shorted or sold by these firms. This has led to a range-bound price action and a decrease in the bitcoin 30-day implied volatility index.