#比特币震荡走弱 Pantera Capital General Partner Franklin Bi speculates that the mastermind behind the recent large-scale sell-off in the crypto market is not a company focused on crypto trading, but a major Asian entity outside the industry. This entity has limited crypto trading counterparties, so it has gone unnoticed by the crypto community.

According to Franklin Bi, this entity engaged in leveraged trading and market making on Binance → closed yen arbitrage positions → triggered an extreme liquidity crisis → received approximately 90 days of grace period → attempted to recover losses through gold/silver trading but failed → was forced to liquidate this week.

In other words, this is a cross-market leverage mismatch "bloodbath" caused by the spillover of traditional financial risks. In fact, yen arbitrage positions are one of the key sources of global liquidity. Investors have historically relied on this zero-cost yen borrowing, converting to USD to invest in high-yield assets in an arbitrage game. But as the yen enters a rate hike cycle and government bond yields soar, this game is disrupted. Bitcoin, as one of the assets most sensitive to global liquidity, often becomes the "first choice withdrawal" when arbitrage funds retreat.