《Tracing the Crypto Market Crash: Hong Kong Hedge Funds or TradFi Cross-Asset Whales?》 In early February 2026, the crypto market experienced a sharp correction, with Bitcoin dropping to around $60,000, in sync with cross-asset deleveraging in traditional markets. The main drivers were macro uncertainties (such as the Federal Reserve Chair nomination) and ETF outflows. Rumors suggest that part of the sell-off stemmed from large funds liquidating Bitcoin positions due to margin calls, with speculation pointing to Hong Kong hedge funds or Asian TradFi institutions. Parker hypothesizes that early Bitcoin holders sold volatility through IBIT options, triggering a chain reaction during the October 10, 2025 crash. Franklin Bi speculates that Asian macro traders failed in yen arbitrage, suffered losses across precious metals and crypto markets, and ultimately liquidated Bitcoin positions. Li Lin denied involvement with related funds and stated he did not reduce BTC/ETH holdings. Wintermute CEO Gaevoy questioned the margin call rumors, attributing the crash to a combination of macro pressures and leveraged liquidations. Arthur Hayes pointed to IBIT structured product hedging behavior as the cause. Read the full article: https://www.(wublock123.com)/index.php?m=content&c=index&a=show&catid=47&id=56405