Bitcoin's $60K Strike Holds $1.2B in Deribit Puts

The derivatives market is loading a spring at Bitcoin's $60,000 handle. Jean-David Péquignot, Chief Commercial Officer at Deribit, flagged the level as the most consequential price zone for the options market right now. According to the original report, notional open interest in Bitcoin put options at the $60,000 strike exceeds $1.2 billion on Deribit alone. That concentration makes a break below it far more than a technical support failure—it's a tripwire.

The mechanics are unforgiving. Market makers who sold those puts are short gamma, meaning their hedging requirements accelerate as spot prices fall. Péquignot warns that a slip beneath $60,000 would force them to sell spot Bitcoin or futures to stay delta-neutral. The selling pressure from that hedging alone could fuel the next leg lower. At the same time, elevated leverage across futures markets turns a moderate dip into a potential liquidation cascade. Long positions get wiped, adding more sell orders to the book. Classic setup.

Why the Options Stack Matters More Than a Chart Level

Bitcoin has flirted with psychological floors many times without ruction. But an options-strike