Recently, when I looked at Deribit's data, I noticed that Bitcoin ETF holders and treasury companies are showing quite a defensive stance. They seem to be steadily building strategies in preparation for scenarios where Bitcoin drops below $60,000.

If institutional investors are taking these kinds of actions, it probably indicates that market participants are increasingly concerned about downside risk. They are preparing to adjust their positions and hedge accordingly.

Personally, I think these large-scale defensive moves reflect the overall market sentiment. The fact that they are strengthening their defenses against lower prices suggests that uncertainty is being taken seriously. Short-term volatility might require close attention.