ChainCatcher report, according to CoinDesk, Deribit’s Chief Business Officer Jean-David Péquignot stated that $60,000 is a key structural threshold for Bitcoin. Over the past year, significant institutional capital—including ETF buyers, large holders, and short-term speculators—has bought Bitcoin in the $60,000 to $67,000 range. If the price declines further, unrealized losses will increase and holding costs will rise, potentially triggering panic selling, especially amid continued gains in AI stocks. The notional value of open interest for $60,000-strike put options on Deribit exceeds $1.2 billion. As Bitcoin approaches $60,000, market makers face gamma risk from short put positions and will be forced to sell spot or futures assets to hedge their exposure, accelerating the downward move. Additionally, excessive leveraged long positions remain in the system; a break below $60,000 could trigger further liquidations, creating a cascading effect.
Deribit Exec: Bitcoin Below $60K Could Trigger Accelerated Sell-Off
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Summary
Deribit’s CBO Jean-David Péquignot noted that $60,000 is a key support and resistance level for Bitcoin. Over the past year, major institutional players, whales, and short-term traders have accumulated large positions between $60K and $67K. A breakdown below this level could trigger panic selling as unrealized losses mount. Put options at $60K on Deribit exceed $1.2 billion, exposing market makers to gamma risk, which may compel them to sell futures or spot assets to rebalance, accelerating the decline. Excessive leveraged long positions in the market could also trigger widespread liquidations, exacerbating the downward spiral. Investors practicing value investing in crypto must monitor this level closely.
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