Bitcoin ETF investors and treasury desks are hedging against a sub-$60,000 move, Deribit data shows.

Bitcoin ETF holders and corporate treasuries are increasingly hedging against a potential drop below $60,000, signaling caution even among long-term investors, according to Deribit.

At the time of writing, Bitcoin BTC was trading near $64,874, while investors with extended horizons have been accumulating $60,000 put options — contracts that allow holders to sell Bitcoin at that strike price even if the market falls further. “ETF holders and corporate treasuries are buying six-month and one-year $60,000 puts as portfolio insurance,” said Jean-David Péquignot, Chief Commercial Officer at Deribit.

Put options work like insurance, protecting investors from steep losses while allowing them to maintain long-term positions. Open interest in the $60,000 strike has surged to $1.5 billion, the highest across all strikes and expiries on Deribit. One contract represents one Bitcoin, and the platform accounts for roughly 80% of global crypto options activity.

The demand for longer-dated $60,000 puts suggests investors fear that short-term rallies could quickly fade, leaving the door open for larger declines. The hedging is particularly significant because ETF holders and corporate treasuries control sizable portions of circulating Bitcoin. U.S.-listed spot Bitcoin ETFs alone hold roughly 1.26 million BTC, about 6% of the total supply, while publicly listed firms control approximately 1.14 million BTC, or 5.7%.

Bitcoin has been trading unevenly below $70,000, reaching lows near $60,000 earlier this month. Despite a roughly 5% gain since Wednesday, the options market shows caution, with puts trading at a notable premium relative to calls. “While the spot price climbed, the 25-delta risk reversal remains stubborn,” Péquignot noted. “Thirty-day puts are still trading at roughly a 7% volatility premium over calls, signaling that smart money is prioritizing downside protection over chasing the pump.”

Péquignot added that volatility could increase if Bitcoin falls below $63,000. Dealers and market makers providing liquidity are “short gamma” at $60,000 and lower, meaning they may sell more as prices approach that level to hedge, potentially amplifying downward pressure.

The activity highlights a cautious approach by long-term holders, who are safeguarding their positions while continuing to hold Bitcoin for the medium and long term

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