Bitcoin edges above $77,000, but institutional activity suggests downside hedging

BTC rises on steady volume and strong technical structure, but surging put interest and muted prediction market odds point to defensive positioning. What to know : Bitcoin (BTC) rose more than 1.2% during the European morning to reach just shy of $77,500 , capping an advance of about 1.7% in the last 24 hours. Derivatives markets may tell a cautious story. Open interest in the June 26 $76,000 put option surged almost 23%, pointing to increased downside protection near current price levels. Bitcoin worth over $770 million has been sent to exchanges in the last week, an action generally regarded as a pre-sale step.