Addition to the "HK Fund" hypothesis. I have a hunch that much of the "OG Bitcoiner Selling" this summer was actually not selling. On July 29, '25, the SEC finally allowed the Bitcoin ETFs to accept in-kind creation/redemption. This was a big point of contention when the ETFs originally launched under Gensler if you remember. One of the HUGE benefits to IBIT over native BTC is the liquid options market. IBIT has one of the most liquid options markets on the planet, entirely dwarfing that of native BTC. In fact, the IBIT options market is THE FOURTH most liquid options market on planet earth, only behind SPY, QQQ, and the SPX index options. WOW. I know for a fact that at least one mega OG Bitcoiner runs his entirely family office around Bitcoin covered call writing to generate income to fund other ventures. This is a fairly common income strategy for any high growth asset, so my guess would be that lots of OG Bitcoiners engage in this strategy. The in-kind creations/redemptions allow for the deposit and withdrawal of native bitcoin into IBIT on a potentially tax-free, zero slippage basis, making it a complete no brainer for anyone wanting to run any kind of options strategy against their BTC stack. So, this would explain (a) the massive surge in OG coins moving this summer and (b) the complete collapse in realized vol, implied vol, and volume on BTC in general, as this heavy options writing squeezed all of the juice out of IBIT ivol and therefore realized vol and ultimately volume. Playing this out a little further. If the fund(s) that blew up was actually associated with an OG Bitcoiner (quite a secretive bunch that don't like to be noticed and are good at privacy), they could have been massively selling vol against their newly minted stack of IBIT, which worked until Oct 10 blew out anyone shorting vol and ultimately created a problem for the fund(s) that ultimately kicked things off. This could have ultimately spiraled as @RyanTheGentry pointed out. Again, just a hypothesis and some bread crumbs, no concrete proof, yet.