<p>关于市场崩溃的原因，理论众说纷纭。从技术角度来看，过去几周的大幅下跌显然不仅仅是对宏观波动的短期反应。</p>
<p>当然，1 月上半月，主要的大型股票重新夺回关键水平，资本流入显著。在这种背景下，市场崩溃发生在加密市场清扫流动性和去杠杆化时是有道理的。</p>
<p>然而，分析师们现在指出，原因不仅仅是杠杆头寸。相反，比特币（[BTC]）35% 的下跌可能与黑石的 IBIT ETF 有关——这表明机构的举动加剧了下跌。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/02/Screenshot-2026-02-07-154020.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/02/Screenshot-2026-02-07-154020.png"/></p>
<p>来源：X</p>
<p>BitMex 的联合创始人 Arthur Hayes 简单地指出——比特币下跌是因为银行在对冲与 IBIT ETF 相关的头寸。他提到摩根士丹利的 “结构性票据” 与 IBIT 相关，基本上是银行对比特币的下注。</p>
<p>当比特币波动时，这些银行不得不迅速出售以保护自己。而且，不仅仅是摩根士丹利。其他大型非加密参与者据报道也在进行类似交易，进一步加剧了波动性。</p>
<p>结果？在 2 月 5 日，重度杠杆的 IBIT ETF 头寸被迫平仓。那天的交易量创下纪录——107 亿美元的交易量和 9 亿美元的期权溢价，均为历史最高。</p>
<p>快进到现在，IBIT 比特币 ETF 在近一个月内记录了首次超过 2 亿美元的资金流入。虽然还为时尚早，但这是否意味着比特币正在稳定，一些投资者开始重新入场？</p>
<h2>黑石引发关于比特币复苏的疑问</h2>
<p>市场的波动很少是纯粹的 “巧合”。</p>
<p>以 10 月的崩溃为例——比特币价格下跌了 30%，部分原因是关于策略可能被排除在 MSCI 指数之外的理论。这引发了全面的恐慌，导致风险资产普遍抛售。</p>
<p>快进到现在，这次崩溃也被视为类似的情况。在这种背景下，流入 IBIT 的 2 亿美元和比特币的 Coinbase 溢价指数（CPI）在不到一周内跳升 65% 绝非偶然。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/02/Bitcoin-Coinbase-Premium-Index-scaled.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/02/Bitcoin-Coinbase-Premium-Index-scaled.png"/></p>
<p>来源：CryptoQuant</p>
<p>简单来说，机构投资者可能正在重新入场。几天前，强制平仓触发了一次重大风险规避的举动。CPI 达到了月度低点，IBIT 出现了大规模流出，比特币跌破了 8 万美元的支撑位。</p>
<p>现在，这些指标的逆转可能暗示着潜在的看涨转变。</p>
<p>根据 AMBCrypto 的说法，市场可能正在稳定，机构可能正在为比特币的底部铺路。鉴于此，密切监测这些指标对于判断崩溃是否真正结束至关重要。</p>
<hr/>
<h2>最后思考</h2>
<ul>
<li><em>黑石的 IBIT ETF 和其他大型参与者加剧了波动性，2 月 5 日因强制平仓而创下交易纪录。</em></li>
<li><em>最近流入 IBIT 和比特币的 Coinbase 溢价指数跳升 65% 表明机构可能正在重新入场。</em></li>
</ul>
<hr/>

EZBC

BITB

<p>最近比特币的崩盘归因于 BlackRock 的 IBIT ETF，导致 BTC 下跌了 35%，因为银行对与该 ETF 相关的头寸进行了对冲。分析师认为，机构的操作加剧了下跌，2 月 5 日由于强制平仓，交易量创下纪录。然而，最近流入 IBIT 的资金以及比特币在 Coinbase 溢价指数上上涨 65% 表明市场可能正在稳定，并且机构兴趣重新回升，这暗示市场可能出现看涨转变</p>

<p>Theories are swirling about what caused the market to crash. From a technical standpoint, it’s clear that the massive breakdown over the last few weeks was more than just a short-term reaction to macro volatility.</p>
<div class="lb-trans"><p>关于市场崩溃的原因，理论众说纷纭。从技术角度来看，过去几周的大幅下跌显然不仅仅是对宏观波动的短期反应。</p>
</div><p>Sure, the first half of January saw significant capital inflows as major high-caps reclaimed key levels. In this context, it makes sense that the crash occurred as the crypto market swept liquidity and deleveraged.</p>
<div class="lb-trans"><p>当然，1 月上半月，主要的大型股票重新夺回关键水平，资本流入显著。在这种背景下，市场崩溃发生在加密市场清扫流动性和去杠杆化时是有道理的。</p>
</div><p>However, analysts are now pointing to factors beyond just leveraged positions. Instead, Bitcoin’s [BTC] 35% drop might be tied to BlackRock’s IBIT ETF – Evidence that institutional moves amplified the downturn.</p>
<div class="lb-trans"><p>然而，分析师们现在指出，原因不仅仅是杠杆头寸。相反，比特币（[BTC]）35% 的下跌可能与黑石的 IBIT ETF 有关——这表明机构的举动加剧了下跌。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/02/Screenshot-2026-02-07-154020.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2026/02/Screenshot-2026-02-07-154020.png"/></p>
<p>Source: X</p>
<div class="lb-trans"><p>来源：X</p>
</div><p>Arthur Hayes, co-founder of BitMex, puts it simply – BTC sold off because banks were hedging positions tied to IBIT ETF. He cited Morgan Stanley’s “structured note” linked to IBIT, basically a bank-made bet on Bitcoin.</p>
<div class="lb-trans"><p>BitMex 的联合创始人 Arthur Hayes 简单地指出——比特币下跌是因为银行在对冲与 IBIT ETF 相关的头寸。他提到摩根士丹利的 “结构性票据” 与 IBIT 相关，基本上是银行对比特币的下注。</p>
</div><p>When BTC moved, these banks had to quickly sell to protect themselves. And, it wasn’t just Morgan Stanley. Other large non-crypto players have reportedly been doing similar trades too, adding fuel to the volatility.</p>
<div class="lb-trans"><p>当比特币波动时，这些银行不得不迅速出售以保护自己。而且，不仅仅是摩根士丹利。其他大型非加密参与者据报道也在进行类似交易，进一步加剧了波动性。</p>
</div><p>The result? On 05 February, heavily leveraged IBIT ETF positions were forced to unwind. Trading that day hit record levels – $10.7 billion in volume and $900 million in options premiums, both all-time highs.</p>
<div class="lb-trans"><p>结果？在 2 月 5 日，重度杠杆的 IBIT ETF 头寸被迫平仓。那天的交易量创下纪录——107 亿美元的交易量和 9 亿美元的期权溢价，均为历史最高。</p>
</div><p>Fast forward to now, and IBIT Bitcoin ETF has recorded its first $200+ million inflow in nearly a month. It’s still early, but could this be a sign that BTC is stabilizing and that some investors are starting to step back in?</p>
<div class="lb-trans"><p>快进到现在，IBIT 比特币 ETF 在近一个月内记录了首次超过 2 亿美元的资金流入。虽然还为时尚早，但这是否意味着比特币正在稳定，一些投资者开始重新入场？</p>
</div><h2>BlackRock sparks questions about Bitcoin’s recovery</h2>
<div class="lb-trans"><h2>黑石引发关于比特币复苏的疑问</h2>
</div><p>Rarely are market moves purely “coincidental.”</p>
<div class="lb-trans"><p>市场的波动很少是纯粹的 “巧合”。</p>
</div><p>Take the October crash – Bitcoin’s price dropped by 30%, driven in part by theories around Strategy’s potential exclusion from the MSCI index. That sparked full-blown panic, leading to widespread capitulation across risk assets.</p>
<div class="lb-trans"><p>以 10 月的崩溃为例——比特币价格下跌了 30%，部分原因是关于策略可能被排除在 MSCI 指数之外的理论。这引发了全面的恐慌，导致风险资产普遍抛售。</p>
</div><p>Fast forward to now, and the crash is being viewed through a similar lens. In that context, the $200 million inflows into IBIT and Bitcoin’s Coinbase Premium Index (CPI) jumping 65% in under a week is anything but a fluke.</p>
<div class="lb-trans"><p>快进到现在，这次崩溃也被视为类似的情况。在这种背景下，流入 IBIT 的 2 亿美元和比特币的 Coinbase 溢价指数（CPI）在不到一周内跳升 65% 绝非偶然。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/02/Bitcoin-Coinbase-Premium-Index-scaled.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2026/02/Bitcoin-Coinbase-Premium-Index-scaled.png"/></p>
<p>Source: CryptoQuant</p>
<div class="lb-trans"><p>来源：CryptoQuant</p>
</div><p>Put simply, institutional investors may be stepping back in. A few days ago, the forced unwind triggered a major risk-off move. The CPI hit a monthly low, IBIT saw massive outflows, and Bitcoin broke below the $80k support level.</p>
<div class="lb-trans"><p>简单来说，机构投资者可能正在重新入场。几天前，强制平仓触发了一次重大风险规避的举动。CPI 达到了月度低点，IBIT 出现了大规模流出，比特币跌破了 8 万美元的支撑位。</p>
</div><p>Now, the reversal in these metrics could allude to a potential bullish shift.</p>
<div class="lb-trans"><p>现在，这些指标的逆转可能暗示着潜在的看涨转变。</p>
</div><p>According to AMBCrypto, the market may be stabilizing, with institutions possibly setting the stage for a BTC bottom. In light of this, monitoring these indicators closely is key to seeing whether the crash is truly behind us or not.</p>
<div class="lb-trans"><p>根据 AMBCrypto 的说法，市场可能正在稳定，机构可能正在为比特币的底部铺路。鉴于此，密切监测这些指标对于判断崩溃是否真正结束至关重要。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2>Final Thoughts</h2>
<div class="lb-trans"><h2>最后思考</h2>
</div><ul>
<li><em>BlackRock’s IBIT ETF and other large players amplified volatility, with 05 February seeing record trading due to forced unwinds.</em></li>
<li><em>Recent inflows into IBIT and a 65% jump in Bitcoin’s Coinbase Premium Index suggested institutions may be stepping back in.</em></li>
</ul>
<div class="lb-trans"><ul>
<li><em>黑石的 IBIT ETF 和其他大型参与者加剧了波动性，2 月 5 日因强制平仓而创下交易纪录。</em></li>
<li><em>最近流入 IBIT 和比特币的 Coinbase 溢价指数跳升 65% 表明机构可能正在重新入场。</em></li>
</ul>
</div><hr/>
<div class="lb-trans"><hr/>
</div>

Did BlackRock’s IBIT ETF really crash Bitcoin? Here’s everything you need to know!

- 近期市场崩盘原因引发理论讨论，包括高杠杆头寸和机构动作。  
- 比特币（ BTC ）35% 下跌与 BlackRock 的 IBIT ETF 相关，机构加剧了下行压力。  
- 05 日交易量创纪录， IBIT ETF 初次录得超过 2 亿美元资金流入，可能预示市场正在稳定。

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黑岩的 IBIT ETF 是否真的导致了比特币的崩盘？以下是您需要了解的所有信息！