这件事闹得沸沸扬扬的，昨天贝莱德的数字资产全球主管 Robert Mitchnick 在 Bitcoin Investor Week 2026 活动上发言，否认了“ $IBIT 对冲基金爆仓引 $BTC 币崩盘”的猜测，强调 IBIT 基金的赎回量仅为 0.2%，市场波动主要来自杠杆永续合约平台的清算，而非ETF的抛售。

这个观点和我叙述的是一样的，现在是市场影响更大的并不是 ETF 或机构的对冲，而是衍生品市场。而且 Robert Mitchnick 也强调了 ETF 的投资者更加倾向长期持有。

附上 Robert Mitchnick 的原话：

But what we see is not the case. Last week, the Bitcoin market was clearly turbulent, and we looked at the data for IBIT , and the entire fund's redemption volume was only 0.2%.

If there were indeed many hedge funds aggressively unwinding their arbitrage trades in the ETF, you should see billions of dollars flowing out. Instead, we did see billions of dollars in liquidation on these leveraged perpetual swap platforms.

On the ETF side, however, it was very stable, and the investor base looked more like the type that buys and holds long term.

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