Deribit Executive: Bitcoin Drops Below $60K, Market Makers' Hedging Could Accelerate the Decline Deribit Chief Commercial Officer Jean-David Péquignot pointed out that $60K is a critical threshold for Bitcoin right now—on the platform, the nominal value of open interest for $60K strike price put options exceeds $1.2 billion. Once the price approaches this level, market makers may be forced to sell spot or futures to hedge Gamma risk. Combined with the large number of leveraged long positions in the market, a drop below this level could trigger a chain of liquidations.