Dovey Wan: The Hong Kong community is very small, I haven't heard of any organization that has had any problems Odaily Planet Daily News: Dovey Wan, founding partner of Primitive Ventures, expressed in an article on X about rumors of "market decline or liquidation of a Hong Kong hedge fund due to IBIT option trading" that, being in the Asian circle of "Hong Kong funds", I have to say a few opposite views. 1. Regarding taxation: Hong Kong does not have a capital gains tax at all, so the so-called "tax optimization harvest" perspective is basically from the perspective of the United States, which is not applicable to us. Regarding rumors: We are conducting due diligence (DD) on the largest Bitcoin options strategy fund in Hong Kong. Based on their performance in recent months and our communication with them, there hasn't been much drama since October 11th. The Hong Kong circle is very small, and everyone loves gossip. If something really happens, it's impossible to cover it up. For example, last time the market maker Taipingshan, which is related to the Hong Kong 3AC, was involved in a scandal, we almost found out the next day. 3. Regarding the flow of funds: Even before the emergence of in kind redemption mechanisms, many old school Bitcoin whales in Asia had already conducted one-way swaps of assets through compliant channels such as IBIT (at that time, only Galaxy, a market maker, could do it, and anyone who understood). The main reason for doing this is to make storage more worry free; Reduce operational and counterparty risks; More convenient as collateral flow within the traditional financial system (TradFi); Can flow more cleanly into other traditional financial assets. 4. Regarding trading habits: Starting from the second half of 2025, Bitcoin trading activities will be structurally more inclined towards the US stock trading session (especially the morning trading session when New York opens), and the spot selling pressure on major exchanges also reflects this. In recent days, Binance has also experienced significant spot selling pressure during these periods, which is actually a chain reaction caused by ETF redemptions. Also, why does a Bitcoin foundation go bankrupt because of writing options? Unless they are naked shorting or engaged in leveraged basis trades, resulting in a sudden liquidation due to the widening price difference between IBIT and spot trading. So, this is likely a traditional financial (TradFi) fund with a cross margin mechanism, rather than a pure 'old school Bitcoin believer' fund.