Emerging consensus seems to be that this sell-off started in trad-fi, which BTC & crypto are now more intertwined with than ever. Hedge funds had one of their worst days in recent memory on Feb 4th. Risk managers then step-in and cut positions, including bitcoin which they're heavily exposed to through ETFs, options, etc. Selling sends BTC downward, which triggers more mechanical selling. This then hits some of the crypto-native funds. The name Trend Research keeps coming up as having a $2B ETH bet on Aave, which they were forced to dump making things worse. So trad-fi selling begot crypto selling, and not the other way around. twitter.com/Cdempsey44/status/...