According to @ki_young_ju, paper Bitcoin investors have just gone underwater, implying their aggregate cost basis sits above spot without signaling bullish or bearish direction (source: @ki_young_ju on X). According to @ki_young_ju, the main trading takeaway is that BTC volatility is likely to rise, so traders should prepare for wider intraday ranges and sharper derivatives moves without assuming a directional bias (source: @ki_young_ju on X).

According to @ki_young_ju, 'paper Bitcoin' investors have just gone underwater, indicating recent buyers of non-spot BTC exposure are now sitting on unrealized losses (source: X post by @ki_young_ju, Oct 14, 2025). He adds that the signal is directionally neutral but clearly points to imminent BTC volatility, implying traders should prepare for larger price swings even without a bullish or bearish bias (source: X post by @ki_young_ju, Oct 14, 2025).