If the 60k-dollar threshold is broken, the scene below will be a stampede of institutions, with market makers doing hedging + leveraged liquidations, both killing each other. Just thinking about it makes my scalp tingle.

Crypto界网消息，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, on Deribit, the open interest of put options with a $60k strike price exceeds $1.2 billion, and market makers' hedging operations may exacerbate the decline, while the risk of leveraged long liquidations could also amplify market volatility.