According to Augustine Fan, the head of SignalPlus, the recent Bitcoin sell-off was mainly driven by multi-strategy hedge funds that dominate the macro market. These multi-strategy trades include arbitrage, long-short positions, and leveraged operations, aiming to maximize returns across asset classes. In the Bitcoin market, a common multi-strategy trade is the basis trade, which involves buying spot Bitcoin (often through ETFs) and Bitcoin futures to profit from the price spread. However, when the spread narrows or the market changes, the profitability of the basis trade declines, leading to the unwinding of positions and the concentrated selling of Bitcoin and ETF shares. Fan pointed out that this liquidation pressure has amplified the sell-off in the past week, especially against the backdrop of increased volatility related to tariffs. Nevertheless, the "buy-the-dip" sentiment still exists in the market. Fan stated that the valuations of stocks outside the major benchmarks remain relatively stable compared to historical averages, and the hard economic data may outperform the rapid deterioration of soft data. Therefore, the market generally believes that the current situation is a "buy-the-dip" market, and the impact of tariff volatility is expected to be gradually digested.