I just noticed something interesting in Deribit's data: Bitcoin ETF holders and corporate treasuries are increasing their hedge positions around $60,000. With the current price hovering around $81K, it seems many holders are becoming more defensive.

Basically, large holders are buying puts and structuring their portfolios to protect against a significant drop. It's typical during volatility: those with large positions don't want surprises. Institutional holders in particular are moving quite a bit of volume in options to secure their gains.

My interpretation is that although the price is strong, more sophisticated holders are playing it safe. It could be a sign they expect a correction, or it's simply prudent risk management. Either way, it's interesting to see how Bitcoin holders are positioning themselves at this level.