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Bitcoin steadied on Thursday after briefly slipping below $66,000 in early U.S. trading, holding above a key technical level. The largest cryptocurrency last traded around $67,000, up roughly 1% over the past 24 hours.
The CoinDesk 20 Index was weaker, with ether (ETH), XRP, BNB, DOGE and SOL flat to slightly lower during the same period, a pattern that may indicate continued caution toward altcoins amid a still-fragile crypto backdrop.
That caution is showing up in crypto derivatives markets, according to Jake Ostrovskis, head of OTC at trading firm Wintermute. He said many traders are buying downside protection while limiting upside participation—effectively paying for insurance against another decline while capping potential gains if prices break higher.
Ostrovskis also highlighted the position of U.S. spot bitcoin ETF investors. The average U.S. bitcoin ETF cost basis is near $84,000, leaving a large share of investors underwater and nursing an average 20% paper loss. He added that this setup could leave investors vulnerable to “capitulation selling” if prices fall further.
Despite the losses, total ETF holdings remain within about 5% of their peak in bitcoin terms, suggesting institutions are trimming exposure rather than exiting aggressively.
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