Deribit Chief Business Officer Jean-David Péquignot stated that $60k is not only an important psychological threshold for Bitcoin but also the lower end of institutional investors' cost range. Over the past year, a large number of ETF investors and institutional holdings have concentrated their costs between $60k and $67k. If BTC falls below $60k, the increase in unrealized losses could trigger further selling. Additionally, the open interest of put options with a strike price of $60k on Deribit exceeds $1.2 billion, and market makers' hedging operations may exacerbate the decline, while leveraged long liquidation risks could also amplify market volatility. (CoinDesk)

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StopRaisingGasFees.
· 7h ago
Institutions are not an ironclad block either; some bear the burden while others run, it all depends on who moves first.
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StainedGlassSolarArray
· 8h ago
The reason it's called the psychological threshold is because everyone is watching, and it becomes a self-fulfilling prophecy.
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LiquidationRaincoat
· 8h ago
Leverage long: danger. The liquidation density at this position is visibly high.
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LiquidityLifeguard
· 8h ago
The group of people in ETFs had a cost basis of 60,000 to 67k yuan, now the unrealized gains have turned into unrealized losses, and the psychological gap is more frightening than the actual loss.
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MemeFisher
· 8h ago
The 60k level is indeed delicate; once the institutional cost line breaks, the chain reaction is hard to predict.
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PixelPnl
· 8h ago
1.2B worth of put options on Deribit is no joke; when market makers hedge their positions, liquidity vanishes instantly.
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