<p>關於市場崩潰的原因，理論眾説紛紜。從技術角度來看，過去幾周的大幅下跌顯然不僅僅是對宏觀波動的短期反應。</p>
<p>當然，1 月上半月，主要的大型股票重新奪回關鍵水平，資本流入顯著。在這種背景下，市場崩潰發生在加密市場清掃流動性和去槓桿化時是有道理的。</p>
<p>然而，分析師們現在指出，原因不僅僅是槓桿頭寸。相反，比特幣（[BTC]）35% 的下跌可能與黑石的 IBIT ETF 有關——這表明機構的舉動加劇了下跌。</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>來源：X</p>
<p>BitMex 的聯合創始人 Arthur Hayes 簡單地指出——比特幣下跌是因為銀行在對沖與 IBIT ETF 相關的頭寸。他提到摩根士丹利的 “結構性票據” 與 IBIT 相關，基本上是銀行對比特幣的下注。</p>
<p>當比特幣波動時，這些銀行不得不迅速出售以保護自己。而且，不僅僅是摩根士丹利。其他大型非加密參與者據報道也在進行類似交易，進一步加劇了波動性。</p>
<p>結果？在 2 月 5 日，重度槓桿的 IBIT ETF 頭寸被迫平倉。那天的交易量創下紀錄——107 億美元的交易量和 9 億美元的期權溢價，均為歷史最高。</p>
<p>快進到現在，IBIT 比特幣 ETF 在近一個月內記錄了首次超過 2 億美元的資金流入。雖然還為時尚早，但這是否意味着比特幣正在穩定，一些投資者開始重新入場？</p>
<h2>黑石引發關於比特幣復甦的疑問</h2>
<p>市場的波動很少是純粹的 “巧合”。</p>
<p>以 10 月的崩潰為例——比特幣價格下跌了 30%，部分原因是關於策略可能被排除在 MSCI 指數之外的理論。這引發了全面的恐慌，導致風險資產普遍拋售。</p>
<p>快進到現在，這次崩潰也被視為類似的情況。在這種背景下，流入 IBIT 的 2 億美元和比特幣的 Coinbase 溢價指數（CPI）在不到一週內跳升 65% 絕非偶然。</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>來源：CryptoQuant</p>
<p>簡單來説，機構投資者可能正在重新入場。幾天前，強制平倉觸發了一次重大風險規避的舉動。CPI 達到了月度低點，IBIT 出現了大規模流出，比特幣跌破了 8 萬美元的支撐位。</p>
<p>現在，這些指標的逆轉可能暗示着潛在的看漲轉變。</p>
<p>根據 AMBCrypto 的説法，市場可能正在穩定，機構可能正在為比特幣的底部鋪路。鑑於此，密切監測這些指標對於判斷崩潰是否真正結束至關重要。</p>
<hr/>
<h2>最後思考</h2>
<ul>
<li><em>黑石的 IBIT ETF 和其他大型參與者加劇了波動性，2 月 5 日因強制平倉而創下交易紀錄。</em></li>
<li><em>最近流入 IBIT 和比特幣的 Coinbase 溢價指數跳升 65% 表明機構可能正在重新入場。</em></li>
</ul>
<hr/>

EZBC

BITB

<p>最近比特幣的崩盤歸因於 BlackRock 的 IBIT ETF，導致 BTC 下跌了 35%，因為銀行對與該 ETF 相關的頭寸進行了對沖。分析師認為，機構的操作加劇了下跌，2 月 5 日由於強制平倉，交易量創下紀錄。然而，最近流入 IBIT 的資金以及比特幣在 Coinbase 溢價指數上上漲 65% 表明市場可能正在穩定，並且機構興趣重新回升，這暗示市場可能出現看漲轉變</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>關於市場崩潰的原因，理論眾説紛紜。從技術角度來看，過去幾周的大幅下跌顯然不僅僅是對宏觀波動的短期反應。</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>當然，1 月上半月，主要的大型股票重新奪回關鍵水平，資本流入顯著。在這種背景下，市場崩潰發生在加密市場清掃流動性和去槓桿化時是有道理的。</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，分析師們現在指出，原因不僅僅是槓桿頭寸。相反，比特幣（[BTC]）35% 的下跌可能與黑石的 IBIT ETF 有關——這表明機構的舉動加劇了下跌。</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>來源：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 的聯合創始人 Arthur Hayes 簡單地指出——比特幣下跌是因為銀行在對沖與 IBIT ETF 相關的頭寸。他提到摩根士丹利的 “結構性票據” 與 IBIT 相關，基本上是銀行對比特幣的下注。</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>當比特幣波動時，這些銀行不得不迅速出售以保護自己。而且，不僅僅是摩根士丹利。其他大型非加密參與者據報道也在進行類似交易，進一步加劇了波動性。</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>結果？在 2 月 5 日，重度槓桿的 IBIT ETF 頭寸被迫平倉。那天的交易量創下紀錄——107 億美元的交易量和 9 億美元的期權溢價，均為歷史最高。</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>快進到現在，IBIT 比特幣 ETF 在近一個月內記錄了首次超過 2 億美元的資金流入。雖然還為時尚早，但這是否意味着比特幣正在穩定，一些投資者開始重新入場？</p>
</div><h2>BlackRock sparks questions about Bitcoin’s recovery</h2>
<div class="lb-trans"><h2>黑石引發關於比特幣復甦的疑問</h2>
</div><p>Rarely are market moves purely “coincidental.”</p>
<div class="lb-trans"><p>市場的波動很少是純粹的 “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 月的崩潰為例——比特幣價格下跌了 30%，部分原因是關於策略可能被排除在 MSCI 指數之外的理論。這引發了全面的恐慌，導致風險資產普遍拋售。</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>快進到現在，這次崩潰也被視為類似的情況。在這種背景下，流入 IBIT 的 2 億美元和比特幣的 Coinbase 溢價指數（CPI）在不到一週內跳升 65% 絕非偶然。</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>來源：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>簡單來説，機構投資者可能正在重新入場。幾天前，強制平倉觸發了一次重大風險規避的舉動。CPI 達到了月度低點，IBIT 出現了大規模流出，比特幣跌破了 8 萬美元的支撐位。</p>
</div><p>Now, the reversal in these metrics could allude to a potential bullish shift.</p>
<div class="lb-trans"><p>現在，這些指標的逆轉可能暗示着潛在的看漲轉變。</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>根據 AMBCrypto 的説法，市場可能正在穩定，機構可能正在為比特幣的底部鋪路。鑑於此，密切監測這些指標對於判斷崩潰是否真正結束至關重要。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2>Final Thoughts</h2>
<div class="lb-trans"><h2>最後思考</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 和其他大型參與者加劇了波動性，2 月 5 日因強制平倉而創下交易紀錄。</em></li>
<li><em>最近流入 IBIT 和比特幣的 Coinbase 溢價指數跳升 65% 表明機構可能正在重新入場。</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!

- 近期市場崩盤原因引發理論討論，包括高槓杆頭寸和機構動作。  
- 比特幣（ BTC ）35% 下跌與 BlackRock 的 IBIT ETF 相關，機構加劇了下行壓力。  
- 05 日交易量創紀錄， IBIT ETF 初次錄得超過 2 億美元資金流入，可能預示市場正在穩定。

Amb Crypto

Franklin Bitcoin ETF

Bitwise Bitcoin ETF

Valkyrie Bitcoin and Ether Strategy ETF

COIN 周收益 ETF - Roundhill

ProShares Bitcoin Strategy ETF

2 倍做多 COIN ETF - GraniteShares

VanEck Bitcoin ETF

CoinShares Bitcoin ETF

Fidelity Wise Origin Bitcoin Fund - ETF

ARK 21Shares Bitcoin ETF

2 倍做多 Coinbase ETF - Leverage Shares

Grayscale Bitcoin Mini Trust ETF

iShares Bitcoin Trust ETF

Grayscale Bitcoin Adopters ETF

WisdomTree Bitcoin Fund

Coinbase

區塊鏈 ETF - Amplify

2 倍做空 COIN ETF - GraniteShares

Invesco Galaxy Bitcoin ETF

Grayscale Bitcoin Trust BTC - ETF

黑巖的 IBIT ETF 是否真的導致了比特幣的崩盤？以下是您需要了解的所有信息！