Why Did Bitcoin Drop to the $60,000 Level?

Bitcoin Loses Its Momentum

Bitcoin's decline from around $77,000 to $60,000 is linked not only to macroeconomic pressures and Exchange-Traded Fund (ETF) sell-offs but also to how options market makers managed their positions.

The Impact of Options Market Makers

Specifically, options market makers took on a significant short gamma position between $60,000 and $75,000. This situation forced them to sell Bitcoin as prices dropped. The sales in the spot and futures markets further accelerated Bitcoin's value loss.