I just checked Deribit’s data and there’s something interesting happening with the major Bitcoin ETF holders. Apparently, both funds and several treasury firms are increasing their protection in case the price drops below $60,000. That is, they are buying put options to secure their positions.

The curious thing is that this reflects some caution in the institutional market. Despite Bitcoin being at higher levels now, these players don’t want to be without a safety net. Asset management firms are also following the same strategy, which suggests there is consensus on where the critical support level is.

In reality, this is quite typical in volatile markets. Large investors are always thinking about protecting their capital, and Deribit’s options data is a good indicator of where institutional sentiment is leaning. If the price reaches that $60,000 level, we will probably see quite a bit of defensive activity.