This crypto market crash differs significantly from previous ones. Previous crashes were largely driven by deleveraging within the crypto community, while this crash was triggered by deleveraging from outside the crypto space. One or more Hong Kong funds used yen carry trades for financing, leveraging IBIT options (especially deep out-of-the-money call options with high gamma), coupled with macroeconomic triggers (a stronger dollar, Middle East risks, and especially high interest rate expectations due to Kevin Warsh's nomination). The result was a chain reaction: Margin Call → Option Liquidation → Forced Liquidation of Spot Markets → Basis Trading Reversal → Chain Reaction. In other words, with the introduction of BTC and ETH ETFs, the four-year cycle of the crypto market has gradually become ineffective. The crypto market is no longer a four-year cycle market for insiders; the influence of outsiders is growing. It's increasingly impossible to predict the significant impact of a single outsider's actions on the entire market. This is why insiders were initially somewhat bewildered by this crash.