BTC: Summary of discussions in the CoinAnk Chinese discussion group (13:00:10 ~ 14:00:10)

[Source of Opinion Material] 1. Hong Kong hedge funds, originally not involved in the cryptocurrency market, used ultra-low-cost Japanese yen borrowing to buy call options on the BlackRock Bitcoin ETF (IBIT) with high leverage, betting on a surge in BTC prices. [src: @Unknown/CoinAnk Chinese Discussion Group, 2026-02-08 13:08:18/#2124841；ref: window] 2. These hedge funds expected Bitcoin to rebound, but the rebound failed to materialize, and the price of Bitcoin continued to fall, causing their holdings to suffer heavy losses. [src: @Unknown/CoinAnk Chinese Discussion Group, 2026-02-08 13:08:18/#2124841；ref: window] 3. As the cost of yen borrowing rose, the arbitrage trade collapsed. These funds may also have had heavy positions in silver and gold. Silver prices plummeted by more than 20% in a single day, exacerbating losses across multiple sectors. [src: @Unknown/CoinAnk Chinese Discussion Group, 2026-02-08 13:08:18/#2124841；ref: window] 4. Brokers began demanding margin calls, and funds, unable to withstand the pressure, were forced to sell IBIT shares and options to liquidate their positions. [src: @Unknown/CoinAnk Chinese Discussion Group, 2026-02-08 13:08:18/#2124841；ref: window] 5. IBIT trading volume surged to $10.7 billion that day, a record high, while options trading volume also reached a new high of $90 million. [src: @Unknown/CoinAnk Chinese Discussion Group, 2026-02-08 13:08:18/#2124841；ref: window] 6. A large number of sell orders directly suppressed the Bitcoin spot market, triggering a chain reaction of panic and causing the BTC price to plummet from over $70,000 to around $60,000. [src: @Unknown/CoinAnk Chinese Discussion Group, 2026-02-08 13:08:18/#2124841; ref: window] 【Key Clues Summary】 - Hong Kong hedge funds used low-cost yen with high leverage to buy IBIT call options. - The anticipated Bitcoin rebound failed, resulting in heavy losses. - Rising yen borrowing costs caused arbitrage to collapse, leading to losses across multiple assets. - Brokers demanded margin calls, forcing funds to liquidate and sell IBIT. - IBIT trading volume and options trading volume hit record highs. - Large-scale selling suppressed BTC spot prices, triggering a flash crash.