Bitcoin has dropped below the $60,000 mark, ending months of consolidation and pushing traders toward protective options positions. Exchange inflows have surged while spot ETF outflows continue.
Bitcoin traded at approximately $59,800 on Monday after breaking below $60,000. The move follows a long period of sideways trading that began in February.
More than 550,000 BTC have moved to deposit addresses linked to Binance and OKX, far above recent averages. These inflows raise the possibility of additional supply pressure if prices weaken further.
Institutional flows remain negative, with spot Bitcoin ETFs shedding roughly 71,600 BTC over the past month. Options data show heavy demand for July puts struck between $55,000 and $58,000, alongside nearly $1.2 billion in open interest at the $55,000 and $50,000 strikes.
On-chain metrics indicate Bitcoin's valuation premium has compressed toward lower historical ranges, yet analysts note that prior bear markets have seen prices trade 5 to 10 percent below key support levels such as the long-term holder cost basis.
