I just checked the options data on Deribit, and there's something interesting happening with Bitcoin ETF holders. From what I see, many of them are seriously buying protection around the $60,000 level. That is, they are insuring their positions in case the price drops.

It's not just speculation: corporate treasury firms are doing the same. Institutional holders clearly don't want surprises to the downside, so they are paying for that risk coverage. It makes sense given the volatility we've seen.

What catches my attention is that both ETF holders and treasurers are synchronized on this. It suggests there is a market consensus on where the comfort floor is. If the price reaches that level, we will probably see a lot of movement from these big players. The holders are betting that $60,000 is a critical point, and frankly, the numbers confirm it.