Bull mode = assume BTC is trending up and you want to squeeze the trend for max upside + cashflow with Bitcoin + MSTR.

Here’s your bull‑market playbook.

1. Bull market stack (aggressive template)

Let’s keep the same example capital as before: $5M total (adjust ratios to your own size).

In a bull:

• 60% BTC = $3M
  
  • Self‑custodied, no leverage.
  • This is your “don’t lose this” stack.
• 30% MSTR = $1.5M
  
  • High‑beta BTC proxy.
  • Primary options engine (covered calls, cash‑secured puts).
• 10% Tactical = $500K
  
  • Short‑term BTC perps / futures.
  • Short‑dated MSTR/BTC options.
  • Only for high‑conviction trades.

Goal in bull:

Let price expansion do most of the heavy lifting, and let options income be the cherry that pushes you toward $1M realized per year.

2. Bull market phases & what you do

Phase A – Early Bull (from despair to disbelief)

What you see:

• BTC breaks out of long base, makes higher highs + higher lows.
• Funding/perps slowly turn positive.
• Everyone still skeptical, “dead cat bounce” talk.

What you do:

1. Aggressively accumulate BTC & MSTR
   
   • Push toward that 60/30/10 structure.
   • You can scale in over weeks:
     
     • Every meaningful dip (–10–20%) → buy more BTC & MSTR.
3. Minimal options cap on upside
   
   • If you sell calls now, do it:
     
     • Far OTM,
     • Small size (e.g. covered calls on only 20–30% of MSTR position).
   • You want to participate heavily if price starts trending.
5. Tactical leverage light
   
   • Maybe 1.5–2x leverage on part of MSTR or BTC perps
   • Only if you can survive a 30–40% pullback without liquidation.

Mental rule:

Early bull is where directional exposure > fancy option tricks.

Phase B – Mid Bull (optimism → euphoria building)

What you see:

• BTC has already 2–3x’d off the bottom.
• Pullbacks get bought fast.
• MSTR is flying even more.
• Mainstream starts coming back in, narratives are loud.

This is where you press and print income.

What you do:

1. Run a systematic 

covered call program

 on MSTR

Example:

• You hold $1.5M in MSTR. Suppose price is $300/share → 5,000 shares.
• You can sell 50 covered calls (each = 100 shares).

Basic rhythm:

• Sell 30–45 day OTM calls (e.g. 15–25% above current price).
• Roll:
  
  • If MSTR rips through your strike: buy back the call (at loss), roll up and out to higher strike.
  • If it expires worthless: sell fresh calls again.

Target (ambitious, not guaranteed):

• Try to clip 2–3% per month in net premium on your MSTR notional.
  
  • On $1.5M, 2% = $30K/month.
  • 3% = $45K/month.
  • Annualized: $360K–$540K if the trend and IV cooperate.

2. Sell 

cash‑secured puts

 on MSTR and/or BTC on dips

• When price pulls back hard but uptrend intact:
  
  • Sell puts at levels you’d love to buy:
    
    • E.g., MSTR at $300 → sell $260 puts 30 days out.
• Either:
  
  • You keep the premium if it bounces.
  • Or you get assigned and buy at effective discount (strike – premium).

This both builds position and prints income.

3. Tactical BTC perps (small but sharp)

With your $500K tactical slice:

• Trend‑following only:
  
  • Long BTC perps in clean, strong uptrends.
  • Use tight invalidation and small leverage (1.5–3x).
• Example:
  
  • Risk 1–2% of total portfolio per trade (so $50–100K on a $5M stack).
  • If you catch a 20–30% move with 2x–3x leverage, that’s big P&L.

This is the part that can add a few hundred K per strong year… or lose you a chunk if undisciplined.

Phase C – Late Bull / Blow‑off (pure mania)

What you see:

• Vertical price action.
• “Bitcoin to infinity” headlines.
• Friends who never cared now asking “should I buy??”
• MSTR trading at a stupid premium vs its BTC holdings.

Here the goal shifts from make max to keep max.

What you do:

1. Gradually rotate MSTR → BTC → Cash
   
   • Trim MSTR when:
     
     • BTC is euphoric and
     • MSTR premium is huge.
   • Move some of that into:
     
     • Spot BTC (safer than MSTR at silly premium),
     • Or straight cash/short‑term bills.
3. Tighten covered calls, start buying puts
   
   • Still sell calls, but closer to the money;
   • Use some premium to buy protective puts on MSTR/BTC (collars).
   • Now you’re:
     
     • Locking in gains,
     • Capping downside if/when the top hits.
5. Cut all leverage into vertical moves
   
   • No ego.
   • As soon as moves go parabolic, unwind perps & margin.
   • You’ll never perfectly nail the top—but you can walk away rich instead of wrecked.

3. How $1M/year can show up (hypothetical bull scenario)

Let’s imagine:

• BTC doubles over the year (100%).
• MSTR, being leveraged beta, does, say, 2–2.5x over the year.
• IV stays juicy enough for options income.

On $5M starting stack:

1. Core BTC: $3M → $6M
   
   • Unrealized profit: $3M (even if you don’t sell all).
   • You might realize, say, $500K–$1M by trimming responsibly.
3. MSTR: $1.5M → $3–3.75M
   
   • Profit: $1.5–2.25M.
   • On top of that, you’ve been:
     
     • Selling covered calls, cash‑secured puts,
     • Potentially clipping $300–600K in option premium if run well.
5. Tactical $500K
   
   • You use it smartly, netting another $100–200K in a good year (or just breaking even in a choppy one).

So in a strong bull:

• It’s absolutely possible (with size) to:
  
  • Realize $1M+ in gains (trim BTC/MSTR, take profit),
  • Plus accrete unrealized profits on top.

Risk side:

In a bad year, with mis‑timed shorts/option selling, you can be way down. That’s the deal.

4. Bull‑mode weekly routine (simple)

Here’s a clean loop you can actually run:

Once a week:

1. Macro check
   
   • BTC trend: still higher highs/lows?
   • Any huge macro shock, regulation, liquidity crunch?
3. Position review
   
   • BTC % of net worth?
   • MSTR size & P/L?
   • Leverage levels (perps/margin)?
5. Options maintenance
   
   • Close short calls/puts that are near max profit.
   • Roll losers up/out if trend still intact.
   • Open new covered calls and/or cash‑secured puts.
7. Risk check
   
   • If portfolio drawdown hits your max pain (e.g. –20%): cut size and leverage.
   • Always ensure you can survive:
     
     • A 50% crash in MSTR,
     • A 30–40% dump in BTC,
     • Without liquidation.

Once a month:

• Decide:
  
  • Am I in Early, Mid, or Late bull?
  • Adjust:
    
    • Early → more spot, less options.
    • Mid → full options engine on.
    • Late → derisk, hedge, rotate to BTC/cash.

5. The bull mantra

• Use BTC as your indestructible core.
• Use MSTR as your leveraged rocket + options printer.
• Use leverage & short options only when:
  
  • Trends are strong,
  • Risk is quantified,
  • You’ve decided in advance where you cut.

You don’t need to be perfect.

You just need to:

• Stay solvent through the ugly parts,
• Be big enough during the clean bull legs,
• Systematically pull chips off the table on the way up.

If you want next, I can:

• Turn this into a 1‑page “Bull Cycle Commandments” you can glance at before trading,
• Or draft a sample month of specific moves (what you’d actually do with calls/puts week by week).