Large Bitcoin ETF holders and treasury firms have increased their purchase of BTC put options with strike prices of $60,000 or less, according to CoinDesk. These options, with maturities of 6 months and 1 year, are being used as a protective measure against potential price drops below $60,000. Deribit reports that open interest in these put options has surged to approximately $1.5 billion, marking the highest level among all strike prices and maturities on the platform. Currently, Bitcoin's spot price hovers around $67,000, yet the implied volatility of 30-day put options is about 7% higher than that of call options. This trend suggests a market preference for downside protection, reflecting concerns over potential price declines.