[Bitwise Advisor Reviews Market Crash: Selling Pressure Mainly Comes from Paper Money and Non-Directional Trading, Not Long-Term Capital Withdrawal] BlockBeats News, February 8, Bitwise advisor Jeff Park published an analysis of the recent sharp market downturn. Jeff Park first clarified that the claim 'Nasdaq has removed IBIT options position limits, thereby granting Wall Street unlimited leverage' is not true. BlackRock's IBIT and BITB have always been subject to the standard position limit of 250,000 shares. The SEC's related documents only raised the position limits for spot ETFs such as FBTC and ARKB to 250,000 shares, aligning them with the limits for IBIT and BITB to ensure fair market competition. Last November, BlackRock's IBIT submitted a request to increase the limit from 250,000 shares to 1 million shares, but it was not approved. Regarding the reasons for the market crash, Jeff Park stated that it is more likely triggered by risk unwinding in the traditional financial system and derivative mechanisms, rather than changes in the fundamentals of the crypto industry or a single 'black swan' event. On that day, Bitcoin ETFs, especially IBIT, saw record-breaking trading volumes and options activity, with a clear bias toward bearish options trading. Bitcoin dropped more than 13% within two days. The market originally expected a large-scale outflow of ETF funds, but the actual data showed net inflows. This indicates that the selling pressure mainly came from 'paper money' and non-directional trading related to hedging and market-making, rather than long-term capital withdrawal. Changes in ETF net flows in the coming days will be an important indicator to observe whether there is new long-term demand growth.