Bitcoin’s $65K defense hasn’t stopped demand for downside protection, as firms and traders brace for more volatility. Metaplanet stands firm despite billion-dollar paper loss Simon Gerovich, CEO of Japan-based Bitcoin treasury manager Metaplanet, acknowledged the pain of the recent rout but reiterated the company’s long-term accumulation strategy. Metaplanet holds 35,012 BTC; the firm recorded a paper loss of $619 million in late 2025 after the BTC selloff, and that unrealized loss has since widened to more than $1.2 billion as of February. Gerovich stressed there are no plans to liquidate the stash. “Our strategy remains unchanged. We exist to accumulate Bitcoin and grow Bitcoin per share, which we increased by over 500% in 2025. We will never sell our Bitcoin,” he said. On price direction, Gerovich — like Fidelity and many analysts — is cautiously optimistic a market floor could be forming near $60,000, while acknowledging uncertainty: “I personally believe Bitcoin may have found a floor around $60,000, though I hold that view with humility. Nobody knows.” He also maintained that BTC is likely to print a new all-time high over the long run. Options traders price in further downside risk Despite talk of a potential bottom, options flow shows clear hedging activity. Data from options tracker Laevitas revealed a surge in bearish bets in mid-February, with traders buying puts that would pay off if BTC fell below key levels: - 1,864 BTC of $58K puts for expiry 27 Feb 2026 (cost ~$687.72k) - 276 BTC of $58K puts for expiry 6 Mar 2026 (cost ~$205.14k) - 600 BTC of $55K puts for expiry 27 Mar 2026 (cost ~$551.18k) That positioning came even while broader put/call ratios remained constructive and tilted bullish, underscoring a split market sentiment: many participants still expect a rebound, but large players are hedging against a potential second leg down before a true bottom is confirmed. Whale accumulation could steady price, but retail demand matters Bitfinex analysts pointed to heavy buyer activity among large holders, estimating that whales picked up roughly 200,000 BTC over the past 30 days. They argue this accumulation can stabilize prices, but meaningful upside typically remains slow and range-bound until retail spot demand returns. “Confirmation is spot-led continuation, not leverage-led spikes,” the firm noted. Bottom line - Institutional treasuries like Metaplanet are holding through large unrealized losses and sticking to accumulation strategies. - Options markets show active demand for downside protection around $55–58K. - Large-scale accumulation by whales may support price stability, but broader upside will likely need a retail-driven spot demand pickup. Sources: Laevitas, CryptoQuant, Bitfinex Disclaimer: AMBCrypto's content is informational and not investment advice. Trading cryptocurrencies carries high risk; do your own research before making decisions. © 2026 AMBCrypto Read more AI-generated news on: undefined/news

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