Deribit's Chief Business Officer, Jean-David Péquignot, has highlighted $60,000 as a critical threshold for Bitcoin, warning that a drop below this level could accelerate market declines. Péquignot noted that significant institutional investments have been made in the $60,000 to $67,000 range, and a further price drop could lead to increased unrealized losses and holding costs. This situation, coupled with the rise in AI stocks, might trigger panic selling. On Deribit, the notional value of open interest in put options with a $60,000 strike price exceeds $1.2 billion. As Bitcoin nears this level, market makers could face Gamma risk from shorting put options, potentially forcing them to sell spot or futures to hedge, thereby accelerating the decline. Additionally, excessive leveraged long positions in the system could lead to further liquidations if Bitcoin falls below $60,000, creating a potential chain reaction.