What Really Triggered Feb. 5’s Bitcoin Crash? Jeff Park’s New Theory

Bitcoin got hit hard on Feb. 5 (down 13.2%), and Jeff Park’s take is pretty blunt: this didn’t look like a crypto headline. It looked more like tradfi plumbing: margin, derivatives, and ETF mechanics, running through spot Bitcoin ETFs, with BlackRock’s IBIT right in the middle. Here’s the odd part: flows didn’t show the big […]