According to 10x Research, a leading research firm, Bitcoin investors can enhance their portfolio yield by 17% using a "covered strangle" options strategy. This approach involves holding Bitcoin in the spot market while selling out-of-the-money (OTM) call and put options.

The "covered strangle" strategy generates extra income through the premium received from selling the call and put options. 10x Research suggests selling a $100,000 strike call (50% above the current market price) and a $50,000 strike put, both expiring in December 2024, while holding Bitcoin in the spot market. This strategy provides a 17% downside buffer or 17% more yield, depending on where Bitcoin closes in December, plus capturing all the upside (or downside) for Bitcoin.

This approach is ideal when the market outlook is bullish, but the uptrend is expected to unfold slowly, keeping implied volatility low. However, it requires a high tolerance for risk, as losses can occur if Bitcoin falls below the lower strike price of $50,000.

As of now, Bitcoin is trading at $67,170, representing a 58% year-to-date gain. Several analysts, including Markus Thielen and Arthur Hayes, expect a slow grind higher. By implementing the "covered strangle" strategy, investors can potentially boost their portfolio yield and capitalize on the upside of Bitcoin's bull market.