Noticed an interesting trend in the market: major holders of Bitcoin ETFs and corporate treasuries are massively buying puts on BTC with protection at $60 000. This looks like a serious hedge against a decline. Open interest in these contracts on Deribit has reached $1.5 billion — a record among all strike prices. It appears that those holding large volumes are preparing for the worst-case scenario despite the current growth.

Why is this important? Because ETFs and corporate treasuries hold a huge share of Bitcoin. U.S. spot funds have already invested 1.26 million BTC, and public companies hold another 1.14 million. That's about 12% of the total circulating supply. When such players start hedging their positions en masse, it signals serious concerns. BTC is currently trading around $71.5k, but the options market remains pessimistic — premiums on puts are still higher than on calls.

Analysts say that if the price drops below $63 000, volatility could spike sharply. Market makers are in a short gamma position at $60 000, which could amplify the decline. It turns out that protection at $60 000 is not just a hedge but an acknowledgment that large investors see serious risks ahead.