这点我不同意，我倾向于原因就是IBIT的大规模清算。
1、虽然明面上看起来，IBIT的一级市场并没有卖出多少BTC，但你不知道二级市场接抛压的做市商/套利者，为了对冲，同时在币圈交易所卖出/做空了多少BTC。
2、或者简单一些的逻辑：IBIT二级市场巨量砸盘，会不会导致BTC价格下跌？那当然会，传导路径并不一定通过一级市场赎回BTC。或者说一级市场赎回BTC太慢了，根本来不及对冲。

IBIT 引发了 Bitcoin 的大规模清算？错了！！
Parker 的这篇文章很多小伙伴转发给我，问是不是 $IBIT 的清算导致了这次 $BTC 价格的连环踩踏，我稍微解释一下，Parker 所说的清算实际上是 IBIT 这个现货 ETF 的清算，而不是 Bitcoin 的清算，而且 IBIT 虽然是 BTC 的现货 ETF ，但并不等于是 BTC  x.com/TheOtherParker…

Phyrex

Twitter

I disagree with this point; I tend to think the reason is the large-scale liquidation of IBIT.
1. Although it may appear that IBIT's primary market did not sell much BTC, you may not know how much BTC the market makers/arbitrageurs in the secondary market sold/ short on crypto exchanges to hedge their selling pressure.
2. Or, to put it more simply: Would a massive sell-off in the IBIT secondary market cause the price of BTC to fall? Of course it would. The transmission path doesn't necessarily involve redeeming BTC through the primary market. In other words, redeeming BTC in the primary market is too slow; there simply isn't enough time to hedge.

Original Author: He Hao, Wall Street Insights

On Thursday, US stocks plunged, with the Nasdaq falling over 2%. Some traders sold precious metals to offset losses in the stock market, causing gold, silver, copper, platinum, and palladium to decline sharply. The US dollar index rose slightly.

Amid renewed concerns about whether massive investments in artificial intelligence can truly be implemented on a large scale, US tech stocks declined. Metal prices suddenly fell due to suspected algorithmic trading selling, forcing some investors to exit commodity positions, including metals, to obtain liquidity, while some funds turned to US Treasury bonds for safety.

Spot gold fell as much as 4.1%, and silver plummeted 11...

Gold fell more than 4% at one point, and silver plummeted 11%, as a sharp drop in US stocks triggered a sell-off in algorithmically traded precious metals.

Coinbase, a leading cryptocurrency exchange in the US, has just announced its Q4 2025 earnings results, showing significant changes amidst a sharp decline in the crypto market at the end of the year. The developments...

Coinbase reports lackluster earnings, causing its stock price to fall.

Author: The Economist
Compiled by: TechFlow TechFlow
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TechFlow Dive: Despite Bitcoin's price remaining above $70,000, the crypto market is experiencing an unprecedented "lonely winter." This article delves into the differences between this decline and previous ones: the chain reaction of leveraged liquidations, the fact that once-promising ETFs have now become drivers of price drops, and the most...