This is the most recognized analysis post about BTC crashing to 60k. Here's the main content: Hong Kong hedge funds, which are traditional finance players and not typically crypto-focused, borrowed super cheap yen and used high leverage to buy call options on BlackRock's Bitcoin ETF (IBIT)—those cheap long-term 'lottery tickets' betting on a big BTC surge, with high leverage. They were betting on a rebound after last October's crash, but the rebound never came, and Bitcoin kept dropping. At the same time, the cost of borrowing yen increased (arbitrage trades started collapsing). They might also have been heavily invested in silver/gold (silver dropped over 20% in a single day), losing big across multiple fronts. Brokers demanded margin calls, and they couldn't hold on, so they were forced to dump IBIT shares and close out options positions. As a result, IBIT's trading volume exploded to $10.7 billion that day (a historical record, almost doubled), and options hit a new high of $90 million. These sell orders directly hit Bitcoin spot prices, triggering a chain reaction of panic selling, crashing BTC from 70k+ to around 60k.