Learned something new! The black swan event has been found! This article uses data to demonstrate that the recent BTC crash was caused by systemic deleveraging triggered by multi-asset portfolios in traditional finance. On that day, risky assets such as software stocks fell first, forcing multi-strategy funds to reduce their risk exposure. BTC, being included in the same risk basket, was also passively reduced in its holdings. Therefore, what was sold off this time was not "long positions in Bitcoin," but rather "already hedged arbitrage and spread trades" (such as CME basis trading). During the decline, option hedging was triggered, and market makers were passively selling Bitcoin, creating technical selling pressure of "selling as the price falls," thus amplifying the decline. Therefore, during the crash, Bitcoin spot ETFs did not experience the significant net outflows expected; on the contrary, some hedging and market-making activities even brought in subscriptions. Essentially, this is a passive impact during the risk reduction process of traditional financial TRADE, not some conspiracy theory from the native crypto market coming true. This version seems much more plausible than blaming "unidentifiable Hong Kong institutions"! twitter.com/mandywangETH/statu...