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

[Source of Opinion Material] Hong Kong hedge funds, not traditional financial players specializing in cryptocurrencies, borrowed extremely cheap Japanese yen to leverage their investments in call options on the BlackRock Bitcoin ETF (IBIT). These options are akin to betting on a Bitcoin price surge in the future, involving very high leverage. [src: @Anonymous/CoinAnk Chinese Discussion Group, 2026-02-08 13:08:18/#2124841；ref: window] These hedge funds bet on a Bitcoin rebound after the sharp drop in October last year, but the rebound failed to materialize. Bitcoin prices continued to fall, while the cost of borrowing yen increased, causing the arbitrage trade to collapse. [src: @Anonymous/CoinAnk Chinese Discussion Group, 2026-02-08 13:08:18/#2124841；ref: window] This hedge fund may also have heavily invested in silver and gold. Silver experienced a single-day plunge of over 20%, resulting in significant losses across multiple investment lines. [src: @Anonymous/CoinAnk Chinese Discussion Group, 2026-02-08 13:08:18/#2124841；ref: window] After brokers began demanding margin calls, these hedge funds were unable to withstand the pressure and were forced to sell large amounts of IBIT shares and options to liquidate their positions. [src: @Anonymous/CoinAnk Chinese Discussion Group, 2026-02-08 13:08:18/#2124841；ref: window] IBIT trading volume surged to a record $10.7 billion that day, nearly doubling, while options trading also hit a new high of $90 million. [src: @Anonymous/CoinAnk Chinese Discussion Group, 2026-02-08 13:08:18/#2124841；ref: window] The massive IBIT sell orders directly impacted the Bitcoin spot market, triggering a panic-driven chain reaction that caused the Bitcoin price to plummet from over $70,000 to around $60,000. [src: @Anonymous/CoinAnk Chinese Discussion Group, 2026-02-08 13:08:18/#2124841; ref: window]