[Deribit Executive: If Bitcoin Falls Below $60,000, Market Makers' Hedging Could Accelerate the Decline] According to a report by CoinDesk, Deribit Chief Commercial Officer Jean-David Péquignot stated that $60,000 is a critical structural threshold for Bitcoin. Over the past year, a significant amount of institutional funds (including ETF buyers, large investors, and short-term speculators) have purchased Bitcoin in the $60,000 to $67,000 range. If the price drops further, unrealized losses will increase, and holding costs will rise. Especially against the backdrop of continued growth in AI stocks, this could prompt panic selling by investors. The notional value of open interest for $60,000 strike price put options on Deribit exceeds $1.2 billion. As Bitcoin approaches $60,000, market makers face Gamma risk from shorting put options, forcing them to sell spot or futures to balance their books, thereby accelerating the decline.