The Source of Bitcoin's Collapse: BlackRock's IBIT 1/Exception first appears in IBIT On February 6th, the daily transaction volume of IBIT was about 10.7 billion US dollars, nearly twice the previous historical high, and the premium on the option side was about 900 million US dollars, setting a new record simultaneously The resonance between spot and options trading at the same time is not common, but more like a concentrated action around existing positions 2/Price drops but contract liquidation is absent Subsequently, BTC and SOL weakened synchronously, but CeFi's clearing scale was low and prices were falling, but deleveraging did not occur This structure indicates that selling pressure does not come from individual investors or high-frequency leverage, but rather from passive adjustments closer to the position end 3/Pressure points to large holders of IBIT Analysis suggests that this round of volatility may come from large holders of IBIT, with one or more non crypto backed hedge funds conducting highly concentrated allocations through IBIT The larger the position size, the lower the tolerance for price fluctuations 4/Position structure amplifies risk Data shows that some funds hold extremely concentrated positions in IBIT, even belonging to a single asset allocation, mainly to isolate margin risk This kind of structure has limited adjustment space in unilateral market, and is easy to be pulled by price reverse 5/External factors accelerate imbalance During the same period, silver experienced a significant decline, Japanese yen arbitrage trading accelerated liquidation, and macro level risk appetite shrank, creating a cumulative pressure on the leveraged positions of related funds and further reducing operational flexibility 6/Hedge attempts difficult to reverse results Part of the funds may attempt to hedge or delay risk release through high leverage option trading, but as losses expand, hedging costs rise synchronously, and price fluctuations become a new source of pressure 7/Time cannot conceal scale Due to the delayed disclosure of 13F, the relevant position information is expected to not emerge until mid May But from the perspective of transaction scale and transaction traces, such risks are difficult to conceal in the long run, and the market has already given a response in advance The whole logic starts from abnormal data and falls on position structure and unsustainability, and the conclusion has already been written in the trend