According to Deribit reports, Bitcoin ETF holders and corporate treasuries have recently been building up defensive positions. It seems they are preparing for a dip near $60,000. Currently, BTC is trading in the $73,000 range, which is quite low, but market participants are probably starting to consider the possibility of a crash scenario.

An increase in these defensive moves could be a sign that the market is feeling unstable. It indicates that large investors are becoming cautious. While there is a potential for prices to decline in the short term, this kind of defensive stance could also make support levels more likely to form. From a market psychology perspective, this is a phase where close attention to future movements is necessary.