Why Bitcoin fell below $60K: leveraged HK bets, ETF hedging and miner costs

Bitcoin fell more than 40% over the past month to a year-to-date low of $59,930 on Friday, over 50% below its October 2025 peak near $126,200. Analysts highlight leveraged Hong Kong options trades tied to IBIT, banks’ structured-note hedging, and miner cost lines around $58,160–$72,700 as factors that could pressure price near $60,000.