# Сопутствующие статьи по теме crash

Новостной центр HTX предлагает последние статьи и углубленный анализ по "crash", охватывающие рыночные тренды, новости проектов, развитие технологий и политику регулирования в криптоиндустрии.

Cryptocurrency's Great Collapse: Veteran Yi Lihua Loses $700 Million in a Week

The cryptocurrency market experienced a historic crash, erasing all gains from the post-Trump rally, with Bitcoin recording its largest weekly drop in three years. Prominent Chinese crypto figure Yi Lihua suffered catastrophic losses, liquidating 400,000 Ethereum over six days for a total loss of approximately $780 million, becoming one of the most significant "whales" hunted during the downturn. The crash was triggered by a sharp drop in silver and gold prices, exacerbated by hawkish signals from the U.S. Federal Reserve. This led to a broad sell-off in risk assets, including cryptocurrencies. Traditional investors, who had entered the market via Bitcoin ETFs approved in 2024, were quick to exit, causing substantial outflows from these funds. Analysts pointed out that this bull cycle, unlike previous ones driven by technological innovations like DeFi or smart contracts, was primarily fueled by narratives—such as Trump's pro-crypto policies and MicroStrategy's corporate treasury model—rather than fundamental advancements. This lack of substantive innovation made the market's high valuations particularly vulnerable when macro conditions shifted. The event is seen as a brutal end to the old "narrative-driven" era of crypto, forcing the market to seek real value anchors. While some funds have begun bottom-fishing, the short-term outlook remains bleak, with Bitcoin struggling to recover from its lows around $68,000.

marsbit02/09 06:08

Cryptocurrency's Great Collapse: Veteran Yi Lihua Loses $700 Million in a Week

marsbit02/09 06:08

The Real Reason for the "February 5th Crash": A Case of Collateral Damage from Wall Street Deleveraging

On February 5th, the crypto market experienced a sharp crash, with Bitcoin briefly plummeting to $60,000 and over $2.6 billion in liquidations. The article argues that the sell-off was not driven by crypto-native factors but by a broader Wall Street deleveraging event, likely originating from multi-strategy hedge funds facing extreme losses in software stocks and other risk assets. Key evidence includes record-high trading volumes in Bitcoin ETFs like IBIT, dominated by put options, and unusually high correlation between Bitcoin and software stocks. Forced deleveraging triggered the unwinding of delta-neutral strategies (such as basis trades), causing a violent, cascade-like sell-off. This was exacerbated by negative gamma dynamics in the options market, where dealers were forced to aggressively sell underlying assets as volatility spiked. Despite the steep decline, Bitcoin ETFs saw net inflows—not outflows—suggesting the selling pressure came from paper/financial system positioning (e.g., hedge fund liquidations and dealer hedging), not long-term investor redemptions. The rebound on February 6th further indicated that traditional market-neutral capital re-entered to capture renewed basis trade opportunities. The author concludes that the crash was a result of accidental contagion from traditional finance deleveraging, not a crypto-specific crisis, and expects a strong rebound given Bitcoin’s deeper integration into global capital markets.

marsbit02/09 03:00

The Real Reason for the "February 5th Crash": A Case of Collateral Damage from Wall Street Deleveraging

marsbit02/09 03:00

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