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).