Was the $BTC Dump Triggered by Asian Hedge Funds? 👀

Crypto X is actively discussing a theory that the recent Bitcoin sell-off may have been driven by Asian hedge funds, rather than retail panic.

Here’s the story making the rounds:

◾ Several Hong Kong–based funds allegedly held large positions in IBIT (BlackRock’s Bitcoin ETF).

◾ On top of that, they reportedly used a carry trade strategy - borrowing cheap yen, adding leverage via options, and betting on BTC upside.

What adds fuel to the theory:

🔻 IBIT trading volume spiked to $10B in one day, roughly 2× the daily average

🔻 On crypto exchanges, there were very few classic retail liquidations, unusual for a BTC dump of this size

Hard confirmation (or denial) will only come in May, when funds file their 13F reports.