$BTC "What Caused the Great Bitcoin Crash? Evidence Points to Hedge Fund Collapse in Hong Kong"
By: Jeff Roberts, Fortune Magazine
February 6, 2026 Translated with some adaptation
Summary:
- Main causes of the crash:
- Hong Kong Hedge Fund Theory: Collapse of hedge funds that used "Yen Carry Trade" (Yen Carry Trade) to finance highly leveraged positions in Bitcoin options for a BlackRock ETF trading Bitcoin spot $ibit (the largest Bitcoin ETF), with additional losses from the silver market.
- Liquidation of positions: The value of positions declined as the market fell, leading to forced sales