The source of Bitcoin's recent plunge: The abnormal emergence of IBIT1/ was first observed on IBIT February 6th. The daily trading volume of IBIT was approximately $10.7 billion, nearly double the previous all-time high. The options premium was about $900 million, setting a new record. Both spot and options volumes surged simultaneously, a rare resonance that resembles a concentrated action around existing positions.2/ Price decline but absence of contract liquidations. Subsequently, BTC and SOL moved weaker together, but the scale of CeFi liquidations was relatively low. Prices fell, but dele
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