EL7.AI
CryptoUpdated×4•Originally published 8 June 2026•Updated 8 June 2026•
1 min read

Bitcoin Options Skew Turns Bearish as Traders Eye $60K Support

A Bitcoin coin balanced on a beam marked 60,000, with a stack of put option papers on top and a negative gauge.

Key Facts

1Bitcoin options skew has turned put-rich following $5.3 billion in long liquidations.
2A $60K put wall on Deribit holds over $1.2 billion in open interest.

Amid rising selling pressure on digital assets, the Bitcoin options skew has turned significantly put-rich, signaling a bearish shift in market sentiment. This repositioning follows a massive washout of long positions totaling $5.3 billion in liquidations. According to reports, traders are now focused on a major 'put wall' at the $60,000 strike price on the Deribit exchange, which currently holds over $1.2 billion in open interest.

This heavy concentration of options reflects growing caution among investors seeking to hedge against further downside, a pattern reminiscent of market volatility seen earlier this year. In comparison to crypto-adjacent equities, MicroStrategy (MSTR) often mirrors these shifts due to its heavy Bitcoin exposure, while broader tech sentiment remains sensitive to recent inflation prints. Per market data, a breach of the psychological $60,000 support level could potentially accelerate forced liquidations of remaining spot and futures positions.

Regarding the instrument 0A7O.L, the price stood at $118.11 (at close 2026-06-05). Traders should closely monitor upcoming price action and catalysts, including the interest rate decision in Poland on June 2, 2026, which may impact global risk appetite. The $60,000 level for Bitcoin remains the critical pivot point for determining near-term market direction.

Latest Updates · 3

  1. Notable·

    Update: Recent market action saw Bitcoin recover by 4% to trade near the $63,000 level, providing temporary relief above the $60,000 support zone. Alongside this recovery, technical data highlights the 'Electrical Cost' of mining—a historical marker for market bottoms—which currently sits at $48,694.

  2. Notable·

    Update: Bearish sentiment has intensified as a recent survey shows 65% of traders now expect Bitcoin to drop below $50,000 this year. Furthermore, analysts have warned that sustained selling pressure could potentially drive the cryptocurrency toward the $35,000 level, marking a significant deterioration in market expectations following the challenge of key support zones.

  3. Notable·

    Update: Markets observed a move below the previously cited psychological support, with Bitcoin recording a bounce from the $59,000 level. This price action was driven by significant selling activity from large-scale investors (whales), heightening focus on whether this recovery can hold against ongoing distribution momentum.