Bitcoin slips below $60,000 as traders buy put options
After Bitcoin fell below $60,000, more than 550,000 BTC moved to Binance and OKX deposit addresses and traders bought July puts at $55,000-58,000 strikes.
Bitcoin fell below $60,000 this week. CryptoQuant data show more than 550,000 BTC were transferred to deposit addresses linked to Binance and OKX after the price slipped under that area, with about 220,000 BTC sent to Binance-linked addresses and about 330,000 BTC to OKX-linked addresses. Those inflows exceed the platforms’ typical daily deposit levels this year-Binance averaged about 60,000 BTC and OKX about 95,000 BTC-and are the largest exchange-directed transfers seen so far in 2026.
Deposit addresses are the first operational point before funds move into exchanges’ hot wallets for trading, lending or collateral. Large transfers to exchanges while prices decline move supply closer to venues where holders can act rapidly.
On-chain valuation measures show market value moving closer to realized value. CryptoQuant’s MVRV Z-Score indicates Bitcoin’s market capitalization is nearer its aggregate cost basis and closer to historical low-valuation zones. The MVRV framework compares market value with the network’s aggregate cost basis; the Z-Score measures how far the market deviates from historical norms.
Derivatives market structure changed as funding rates across major venues returned to positive levels while spot prices traded around $59,000-$60,000, meaning long positions pay shorts. Open interest rose as spot prices weakened, indicating traders opened new positions into the decline rather than reducing exposure.
Options activity showed increased demand for downside protection. QCP Capital reported implied volatility trending higher and concentrated buying of July-expiry Bitcoin put options with strikes between $55,000 and $58,000. Deribit open-interest data show roughly $1.2 billion clustered at the $55,000 and $50,000 strike zones.
Institutional flow data show net outflows. Glassnode’s analysis found spot Bitcoin ETFs reduced holdings by about 71,600 BTC over the past month while digital asset trusts added about 7,500 BTC, producing a combined net institutional flow of about -77,000 BTC after accounting for network issuance. BlockScholes’ risk indices remained below -1.0 for more than three weeks.
Market participants will watch whether spot demand absorbs the additional supply now sitting closer to exchange deposit addresses.
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