What crashed Bitcoin? Three theories behind BTC’s trip below $60K

Hong Kong hedge funds’ leveraged BTC price bets are emerging as the main trigger behind Bitcoin’s sharp month-long sell-off.

Bitcoin (BTC) experienced on of the biggest sell-offs over the past month, sliding more than 40% to reach a year-to-date low of $59,930 on Friday. It is now down over 50% from its October 2025 all-time high near $126,200.

Key takeaways:

Analysts are pointing to Hong Kong hedge funds and ETF-linked U.S. bank products as possible drivers of BTC’s crash.

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