---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/38590194.md"
description: "This article is well worth reading. The author believes that the unusual 2.5 BTC drop was due to triggering a non-pure-crypto-native multi-asset portfolio/strategy (possibly a multi-strategy hedge fund, or something like BlackRock's model portfolio business, which allocates between $iShares Bitcoin Trust ETF(IBIT.US) and $iShares Expanded Tech Software Sector ETF(IGV.US) and must automatically rebalance due to severe volatility). That is, a massive sell-off in software stocks triggered the rebalancing between IGV and IBIT. Meanwhile, as Nasdaq lifted the options cap trading restrictions on IBIT, IBIT's options trading became very active. This deleveraging subsequently triggered Short Gamma, exacerbating the downtrend and forcing dealers to sell IBIT. However, because the sell-off was so severe, market makers had to net short BTC without considering inventory.The above viewpoint is quite interesting; it's recommended to read the original article. But what I'm paying more attention to is that as IBIT's trading volume and liquidity have increased significantly, more institutions are using IBIT's options to hedge their BTC positions. Previously, MSTR played this role, i.e., the former "Long BTC Short MSTR" strategy. However, as MSTR's premium has compressed to around 1.1, there isn't much room for the premium to fall further, so this strategy is no longer applicable.In other words, as ETF trading volume increases and DAT premium compresses, DAT companies might no longer serve as a hedge for underlying asset exposure. This would alleviate upward pressure on DAT's stock price. I believe this trend also applies to BMNR.$Strategy(MSTR.US)$BitMine Immersion Tech(BMNR.US)"
datetime: "2026-02-08T08:39:02.000Z"
locales:
  - [en](https://longbridge.com/en/topics/38590194.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/38590194.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/38590194.md)
author: "[lyhalfway](https://longbridge.com/en/profiles/3372973.md)"
---

# This article is well worth reading. The author bel…


### Related Stocks

- [GBTC.US](https://longbridge.com/en/quote/GBTC.US.md)
- [IGV.US](https://longbridge.com/en/quote/IGV.US.md)
- [MSTR.US](https://longbridge.com/en/quote/MSTR.US.md)
- [BMNR.US](https://longbridge.com/en/quote/BMNR.US.md)
- [SBET.US](https://longbridge.com/en/quote/SBET.US.md)
- [STRC.US](https://longbridge.com/en/quote/STRC.US.md)
- [STRD.US](https://longbridge.com/en/quote/STRD.US.md)
- [STRF.US](https://longbridge.com/en/quote/STRF.US.md)
- [STRK.US](https://longbridge.com/en/quote/STRK.US.md)
- [BMNRD.US](https://longbridge.com/en/quote/BMNRD.US.md)
- [IBIT.US](https://longbridge.com/en/quote/IBIT.US.md)

## Comments (12)

- **幸运币 · 2026-02-08T19:40:33.000Z · 👍 1**: A hunt by the giants against the whales?
- **英伟达小菜鸟 · 2026-02-08T15:23:47.000Z · 👍 2**: I believe in Brother Yaren, and I also believe in bmnr. I will continue to hold and walk with you.
  - **adiw** (2026-02-09T15:40:06.000Z): Have you been doing T to reduce costs all along?
  - **英伟达小菜鸟** (2026-02-09T15:41:04.000Z): Often t
- **不懂不买 · 2026-02-08T15:09:32.000Z**: I thought it was another precision strike on some whale's leverage again..
- **Ω骑墙派 · 2026-02-08T12:11:53.000Z · 👍 7**: I don't know much about Bitcoin, but I capture opportunities by understanding market sentiment and changes in investor psychology. Forget about the price crash of Bitcoin and Ethereum and the stock market plunge, let's just talk about the crypto-related posts by the big shots now. Compared to the nu
  - **行稳致远-荷西** (2026-02-08T13:57:52.000Z): The initial bombshells or black swans in a bear market are just the beginning.
  - **Ω骑墙派** (2026-02-08T15:53:09.000Z): What you said is not impossible, so I said we should gradually enter the market.
- **人皆寻梦 · 2026-02-08T11:16:35.000Z**: Boss, is this price level of PLTR suitable for getting in?
- **caNfTN · 2026-02-08T09:26:28.000Z · 👍 2**: Boss, I'd like to ask for your advice. You mentioned before that the average cost for BMNR was 3900, with a floating loss of 46%. Now that ETH has dropped to 2100, it's already very difficult to break even with such a huge loss. Buying more now just means losing more, but not buying isn't an option 
  - **lyhalfway** (2026-02-08T10:06:47.000Z): BMNR holds ETH not for low-buy-high-sell trading, just like gold in a central bank's reserves, which is to support fiat currency credibility, not for buying and selling. Regardless of gold price fluct