This crypto market crash is quite different from previous ones. The earlier crashes were mostly triggered by internal leverage and liquidation cascades, but this time, the crash was initiated by external leverage and liquidation cascades. A Hong Kong fund (one or more) used yen carry trade financing, leveraged IBIT options (especially deep out-of-the-money call options with high gamma), and macro triggers (stronger USD, Middle East risks, and particularly high-interest rate expectations due to Kevin Warsh's nomination). The result was: Margin Call → Options liquidation → Forced spot liquidation → Basis trade reversal → Chain reaction liquidation. In other words, after the introduction of BTC and ETH ETFs, the crypto market's four-year cycle is gradually losing its effectiveness. The crypto market is no longer an internal four-year cycle market, and external players are having an increasingly significant impact. It's becoming harder to predict how one external player’s risky moves could cause major disruptions to the entire market. This is also why many insiders were initially confused by this crash.