Deribit Executive: If Bitcoin Falls Below $60,000, Market Maker Hedging May Accelerate Decline

On June 5, according to CoinDesk, Deribit Chief Commercial Officer Jean-David Péquignot stated that $60,000 is a key structural threshold for Bitcoin. Over the past year, a significant amount of institutional capital (including ETF buyers, large holders, and short-term speculators) has bought Bitcoin in the $60,000 to $67,000 range. Further price declines will increase unrealized losses and raise holding costs, especially against the backdrop of continuously rising AI stocks, which could prompt investors to panic sell. 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 these put options and will be forced to sell spot or futures to balance their books, thereby accelerating the decline. Additionally, there are still too many leveraged long positions in the system, and breaking below $60,000 could trigger more liquidations, creating a chain reaction.