Key Market Signal: Bitcoin Breaks Below $60,000
On June 26, Bitcoin's price fell below the psychological $60,000 mark, drawing market attention. Adam, a macro researcher at Greeks.live, shared on X that tomorrow marks the quarterly settlement. The Gex (Gamma Exposure) chart, which measures concentrated open interest in options markets, reveals that $60,000 is clearly the largest strike price by open interest. Meanwhile, significant positions are also accumulating at $58,000 and $59,000, indicating that new risk clusters are forming at these key levels.
Institutions and Whales Adopt a Waiting Strategy
Interestingly, despite the drop below $60K, institutions and large holders have not continued to bet on further declines. Adam explained, "Market risks are accumulating, but institutions and whales have not continued to bet on the downside; they are just waiting for the settlement." This suggests that professional participants are refraining from adding bearish bets at current levels. Instead, they are taking a wait-and-see approach, anticipating that after the quarterly settlement, new market dynamics will emerge. Quarterly settlements often trigger concentrated expirations of options and futures contracts, potentially causing price volatility. Therefore, large capital tends to stay neutral or reduce risk exposure before settlement, rather than entering aggressive short positions.
The analyst's remarks imply that while short-term pressure persists, the dense open interest zones at $60K, $59K, and $58K will serve as critical reference points for subsequent price action. If these support levels hold after settlement, market sentiment could shift; conversely, breaking below these accumulation zones could trigger broader liquidations and margin calls. For now, retail traders should closely monitor the behavior of institutional funds to avoid blind operations during this period of elevated uncertainty.