BTC current implied volatility index (DVOL) remains around the 42 level. From an options perspective, there is still considerable room for operation. Selling puts to earn time value offers steady returns, but the key point is that the market has not yet reached the true bottom of the bear market—if the decline continues, this index will inevitably break below the 40 threshold.

Considering the current risk-reward ratio, simply selling call options may not be the optimal choice. A more balanced approach is: **sell near-term calls while simultaneously buying longer-term calls**, using this calendar spread strategy to lock in profits from time decay while maintaining upside participation.

Price action also provides clues. After BTC surged to a high of 93,000 at the beginning of the year and then retreated to 89,000, the support levels during this process have been gradually rising—indicating that the bulls are still accumulating positions. Based on this judgment, my own strategy is to sell call options expiring at the end of January with a strike price of 100,000, while establishing a long call position with a lower strike expiring at the end of March. This way, I can benefit from volatility contraction and avoid being fully trapped if the price breaks upward.