Market makers may have accelerated Bitcoin's drop to $60,000

During bitcoin's drop from around $77,000 to nearly $60,000, in addition to macro pressures and ETF sell-offs, the hedging activities of options market makers also intensified the decline. Market makers were heavily short Gamma in the $60,000 to $75,000 range, which forced them to sell bitcoin in the spot and futures markets as prices fell, further accelerating the price drop.