This matter has stirred up a lot of noise. Yesterday, BlackRock's Global Head of Digital Assets, Robert Mitchnick, spoke at the Bitcoin Investor Week 2026 event, denying the speculation that “the $IBIT hedge fund meltdown caused the $BTC crash,” emphasizing that the redemption volume for the IBIT fund was only 0.2%, and that market fluctuations primarily stemmed from liquidations on leveraged perpetual contract platforms, rather than ETF sell-offs.

This viewpoint is consistent with what I described; currently, the major market influence is not from ETFs or institutional hedging, but from the derivatives market. Moreover, Robert Mitchnick also emphasized that ETF investors tend to prefer long-term holding.

Here is Robert Mitchnick's original statement:

But what we see is not the case. Last week, the Bitcoin market was clearly turbulent, and we looked at the data for IBIT, and the entire fund's redemption volume was only 0.2%.

If there were indeed many hedge funds aggressively unwinding their arbitrage trades in the ETF, you should see billions of dollars flowing out. Instead, we did see billions of dollars in liquidation on these leveraged perpetual swap platforms.

On the ETF side, however, it was very stable, and the investor base looked more like the type that buys and holds long term.

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