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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