This is the most widely accepted analysis post regarding the price drop to 60,000 on November 11, 2024 (20230). The main points are: Hong Kong hedge funds, not traditional financial players specializing in cryptocurrencies, borrowed extremely cheap Japanese yen and used high leverage to buy call options on the BlackRock Bitcoin ETF (IBIT)—a cheap, long-term "lottery" bet on a Bitcoin price surge, with very high leverage. They bet on a rebound after the crash last October, but the rebound didn't materialize; Bitcoin continued to fall. Simultaneously, the cost of borrowing yen increased (arbitrage trading began to collapse), and they may have also heavily invested in silver/gold (silver plummeted by over 20% in a single day), resulting in massive losses across multiple sectors. Brokerages chased margin calls, which they couldn't withstand, forcing them to frantically sell IBIT shares and options to liquidate their positions. As a result, IBIT's trading volume that day exploded to $10.7 billion (a historical record, almost doubling), and options also reached a new high of $90 million. These sell orders directly hit the Bitcoin spot market, triggering a chain reaction of panic and causing BTC to plummet from over 70k to around 60k.