According to ME News, on February 6th (UTC+8), Parker White, Chief Investment Officer and Chief Operating Officer of DeFi Dev Corp, posted on the X platform that "BlackRock's trading volume reached $10.7 billion yesterday, almost double the previous highest day, with options premiums of approximately $900 million, both record highs. BTC and SOL fell in tandem, and CeFi liquidations were low, leading to suspicions that this volatility originated from large holders, possibly one or more non-crypto hedge funds headquartered in Hong Kong."
Data shows that some funds have extremely high holdings in IBIT, some even being single-asset funds, in order to isolate margin risk. Silver prices plummeted today, and yen carry trades were liquidated at an accelerated pace, exacerbating market pressure and further impacting fund leverage positions.
These funds may have attempted to recover their losses through highly leveraged options trading, but the losses continued to mount, and ultimately, the decline in Bitcoin could completely wipe out their positions. Due to the lag in 13F reporting, relevant holdings information is expected to be available only in mid-May, but the scale of the event is so large that it cannot be hidden for long. (Source: ME)
