IBIT's trading volume surged to $10.7 billion today, marking a new record nearly double the previous high. According to Odaily, the options trading volume also hit a record $900 million.
Recent declines in IBIT may be linked to a major trader, speculated to be one or more non-crypto hedge funds based in Hong Kong. These funds, operating outside the crypto sector, have gone unnoticed by the crypto community. It is suggested that these funds might be engaging in leveraged options trading on IBIT using capital borrowed in yen. Losses in other trades, such as silver, could have led to the liquidation of their leveraged positions following the drop in BTC.
Parker noted that there is no concrete evidence to support this theory, and it remains speculative based on partial clues.