**[Opinion: This Week's BTC Plunge May Be Caused by "Hong Kong Hedge Fund's High-Leverage Bitcoin Bet Failure"]** Deep Tide TechFlow reports that on February 7, according to Fortune, Bitcoin's price plunged nearly $15,000 within 24 hours this week, marking the most severe drop since the FTX collapse in 2022. Bitcoin has since rebounded to approximately $70,000. Parker White, COO of the U.S.-listed Solana treasury company DeFi Development Corporation, offered one explanation: Hong Kong hedge funds used yen carry trades to establish high-leverage positions in over-the-counter options for BlackRock's Bitcoin exchange-traded fund (IBIT), betting on a Bitcoin price rebound. However, the anticipated rebound failed to materialize, while rising yen financing costs and silver market volatility further exacerbated the funds' predicament. White pointed out that these Hong Kong funds primarily trade Bitcoin through ETFs and are not part of the traditional crypto ecosystem, which is why their struggles have not sparked discussions on "Crypto Twitter." Other factors, such as the sell-off of AI-related assets, uncertainty surrounding blockchain legislation, and crypto names appearing in Epstein files, may have also contributed to this week's market crash. Venture capitalist Haseeb Qureshi finds the theory plausible but notes that confirmation may require months of waiting for regulatory filings.