Recently, I was looking at Deribit's data and noticed that institutional investors and Bitcoin ETF holders are building up quite a defensive position. There are reports indicating an increase in movements anticipating a drop below $60,000.

Currently, BTC is around $74,000, but open interest in put options is clearly on the rise. In particular, volume is concentrated around the $60,000 strike. That suggests they are preparing for a potential decline from here. At the same time, there are also call purchases, so it seems like they are hedging while aiming for higher prices.

Treasury companies seem to be employing a similar strategy, and the increase in defensive measures at this level might indicate that market participants are increasingly recognizing this area as an important support.