Bitcoin is showing an upward trend, surpassing the $77,000 mark, but institutional investors are taking cautious steps to prepare for a decline, CoinDesk analyzed. The media explained, "Bitcoin rose 1.7% from 24 hours ago, nearing $77,500. Trading volume also exceeded the average, maintaining a solid trend. However, in the derivatives market, open interest for $76,000 put options expiring at the end of June surged by 22.5%, indicating a clear demand for downside protection at the current price level." It added, "Last week, approximately $770 million worth of Bitcoin was deposited into exchanges as a preliminary step for selling, raising concerns about future selling pressure. Market experts emphasized that as Bitcoin is highly sensitive to macroeconomic variables, the ability to maintain the key technical support level of $76,200 is crucial."
