Deribit executive: If Bitcoin falls below $60,000, market makers' hedging could accelerate the decline.

CoinFeed reported on June 5th, citing CoinDesk, that 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 funds (including ETF buyers, large investors, and short-term speculators) have purchased Bitcoin in the $60,000 to $67,000 range. If the price falls further, unrealized losses will increase, raising holding costs, which, especially against the backdrop of the continued rise in AI stocks, could trigger panic selling. The notional value of open interest in put options with a strike price of $60,000 on Deribit exceeds $1.2 billion. As Bitcoin approaches $60,000, market makers face Gamma risk from shorting put options, forcing them to sell spot or futures to balance their accounts, thus accelerating the decline.