Stepped another way around old pothole? (4,4)

I believe the answer is:

deep spot

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'pothole?' is the definition.
I don't know anything about this answer so I can't tell whether this works.

'stepped another way around old' is the wordplay.
'another way' indicates an anagram.
'around' indicates putting letters inside.
'old' becomes 'o' (abbreviation).
'stepped' is an anagram of 'deepspt'.
'deepspt' enclosing 'o' is 'DEEP SPOT'.

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