Analysts say BTC plunge may be due to forced liquidation of IBIT hedge fund leveraged options

DeFi Dev Corp's Chief Investment Officer and Chief Operating Officer, Parker White, announced on social media on February 6th that BlackRock IBIT's trading volume reached $10.7 billion yesterday, with an option premium of approximately $900 million, both setting historical records. BTC and SOL fell synchronously, combined with low CeFi clearing, suspecting that the volatility originated from large holders of IBIT, possibly involving non crypto hedge funds headquartered in Hong Kong, China. Some funds hold extremely high positions in IBIT or attempt to reverse their positions through high leverage option trading, but their losses expand and their positions are destroyed. The relevant position information is expected to be disclosed in mid May, but the scale of the event is enormous.