Bitcoin steadied around $67,000, recovering from a brief dip below $66,000, as traders sought protection against potential price drops. The cryptocurrency gained approximately 1% over the past 24 hours, while altcoins like Ethereum and Solana showed little movement, reflecting ongoing market caution. In the derivatives market, traders are increasingly buying downside protection, indicating a defensive stance amid geopolitical tensions and credit market strains. The average cost basis for U.S. bitcoin ETF investors is near $84,000, resulting in a 20% paper loss, which could lead to capitulation selling if prices decline further. Meanwhile, policy discussions at the White House on the crypto market structure bill showed incremental progress, though no significant breakthroughs were reported. Crypto-related stocks, including bitcoin miners CleanSpark and MARA, saw gains, contrasting with declines in broader equity markets.