💥 Why did the cryptocurrency market crash?

There is a version that the reason is the failure of one or several hedge funds from Hong Kong that overestimated the risk and got carried away with leverage.

📊 Key indicators

📈 Record trading volumes of IBIT (BTC ETF) — ~$10.7 billion per day

🧨 Record turnover in IBIT options (~$900 million in premiums)

📉 BTC and SOL fell synchronously (unusual for the market)

😶‍🌫️ Minor liquidations on cryptocurrency exchanges → source outside CeFi

🏦 What could have gone wrong

Funds with 100% capital in IBIT (margin isolation)

Many of them are registered in Hong Kong 🇭🇰

Used options with high gamma + leverage

Financing was through JPY carry trade 💴

🥈 Trigger

Sharp drop in silver (-20%)

Losses in metals + rise in funding costs

Attempts to "recoup" only exacerbated the situation

💣 Finale

Forced liquidation of positions in IBIT

Mass sale of BTC → market dump

Possible problems even for brokers

⏳ What's next

The real culprit will only be seen through 13F reports

Disclosure — in about ~45 days

Rumors will likely surface sooner 🕵️‍♂️

🧩 Conclusion This is not a "crypto-crash," but a leverage explosion outside of crypto that hit BTC as the most liquid asset.

#RiskAssetsMarketShock #MarketCorrection #WhenWillBTCRebound #BinanceSquareFamily