Tonight, Dawn, and Morning Selloff: The Causes of the Cardinal Theories 1. The "Invisible Hand" Mass Selloff Theory It's possible that certain countries, including Saudi Arabia, the United Arab Emirates (UAE), Russia, and China, dumped over $10 billion worth of assets, or that certain exchanges facing bankruptcy forcibly liquidated their holdings. 2. The Failed Yen Carry Trade by an Asia-Based Trader Theory A large Asian-based capitalist, not a cryptocurrency specialist, may have been directly hit by the liquidation of a yen carry trade while using leverage to market-make on Binance. 3. The Forced Liquidation of BlackRock IBIT Options Theory This time, IBIT recorded its highest trading volume ever ($10.7 billion) and options premium ($900 million). This is more likely a pattern of forced liquidation of large options positions than a typical leverage unwind. 4. Hong Kong Hedge Fund Selloff Rumors Hong Kong-based hedge funds may have borrowed yen and placed highly leveraged bets on IBIT options. However, rising yen funding costs (interest rates) and subsequent losses in silver trading may have led them to sell off their BTC holdings. 5. As leverage in gold and silver exploded, wealthy Chinese investors liquidated their crypto assets.