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Opinion: $60k is not only a psychological milestone for Bitcoin but also a structural threshold
Deribit Chief Commercial Officer Jean-David Péquignot stated that $60k is not only a psychological milestone but also a structural threshold, with practical implications for institutional investors and the derivatives market. Over the past year, a large amount of institutional funds, including ETF buyers, large investors, and short-term speculators, have purchased BTC priced between $60k and $67k. As the price approaches these buying zones, investors are nearly at breakeven points; once below cost, unrealized losses will increase. Especially when traditional markets like AI stocks rise, the opportunity cost of holding BTC increases, potentially prompting investors to accelerate selling.
The derivatives market also faces pressure. Data from Deribit shows that approximately $1.2 billion in notional value of $60k put options remain open. Market makers need to hedge risks, which may force them to sell spot or futures, accelerating the decline. At the same time, there are still a large number of leveraged long positions in the system; a drop below $60k could trigger chain liquidations, intensifying market selling pressure. Péquignot believes that dozens of billions of dollars in leveraged long liquidations have already occurred this week. If support at $60k fails, the downward momentum could further amplify, leading to a rapid and chaotic sell-off. (CoinDesk)