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The $60k defense line has been broken—are you panicking about Deribit’s $1.27 billion in open, unclosed contracts now? With MVRV at 1.19, if it drops further, the hedging positions could get trampled.
Non-farm payrolls increased by 172,000 in May, with an unemployment rate of 4.3%, and strong employment data may weaken the Federal Reserve's rate cut expectations or put pressure on risk assets.
Péquignot, Chief Business Officer of Deribit, states that $60k is a key level, with related open interest exceeding $1.27 billion.
MVRV has dropped to 1.19, below the threshold typically associated with undervaluation.
If it falls below $59k, it could trigger more hedging and liquidations.