{"id":612,"date":"2026-02-09T02:00:00","date_gmt":"2026-02-09T02:00:00","guid":{"rendered":"https:\/\/cryptonews.com\/tw\/?p=612"},"modified":"2026-02-07T16:45:05","modified_gmt":"2026-02-07T16:45:05","slug":"bitcoin-crash-arthur-hayes-ibit-hedging","status":"publish","type":"post","link":"https:\/\/cryptonews.com\/tw\/uncategorized\/bitcoin-crash-arthur-hayes-ibit-hedging\/","title":{"rendered":"Arthur Hayes \u793a\u8b66\uff1a\u6bd4\u7279\u5e63\u5d29\u76e4\u63ed\u793a\u300c\u83ef\u723e\u8857\u5c0d\u6c96\u5371\u6a5f\u300d\u3000\u8c9d\u840a\u5fb7 IBIT \u6f14\u7b97\u6cd5\u7adf\u6210\u6700\u5927\u62cb\u58d3\uff1f"},"content":{"rendered":"<p>\u6bd4\u7279\u5e63\uff08BTC\uff09\u5728 2026 \u5e74\u521d\u7684\u5287\u70c8\u9707\u76ea\uff0c\u8b93\u5168\u7403\u6295\u8cc7\u754c\u9818\u6559\u4e86\u300c\u91d1\u878d\u6a5f\u69cb\u5316\u300d\u7684\u96d9\u9762\u5203\u6548\u61c9\u3002\u7576\u5e63\u50f9\u8fc5\u901f\u8dcc\u7834 6 \u842c\u7f8e\u5143\u5927\u95dc\u3001\u5e02\u5834\u5e02\u503c\u84b8\u767c\u903e 2 \u5146\u7f8e\u5143\u4e4b\u969b\uff0cBitMEX \u5275\u8fa6\u4eba Arthur Hayes \u6df1\u5ea6\u63ed\u9732\u4e86\u5e55\u5f8c\u63a8\u624b\uff1a\u4e26\u975e\u5e02\u5834\u57fa\u672c\u9762\u8f49\u5f31\uff0c\u800c\u662f\u4ee5\u8c9d\u840a\u5fb7\uff08BlackRock\uff09IBIT \u70ba\u9996\u7684\u7d50\u69cb\u5316\u7522\u54c1\uff0c\u5728\u6f14\u7b97\u6cd5\u9a45\u52d5\u4e0b\u89f8\u767c\u4e86\u9023\u9396\u62cb\u552e\u6f6e\u3002<\/p><figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> dump probably due to dealer hedging off the back of <a href=\"https:\/\/twitter.com\/search?q=%24IBIT&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$IBIT<\/a> structured products. I will be compiling a complete list of all issued notes by the banks to better understand trigger points that could cause rapid price rises and falls. As the game changes, u must as well. <a href=\"https:\/\/t.co\/9DF8VE9XBL\">pic.twitter.com\/9DF8VE9XBL<\/a><\/p>&mdash; Arthur Hayes (@CryptoHayes) <a href=\"https:\/\/twitter.com\/CryptoHayes\/status\/2019994102100865085?ref_src=twsrc%5Etfw\">February 7, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure><h2 class=\"wp-block-heading\">\u4ea4\u6613\u5546\u7684\u5f37\u5236\u5e73\u5009\u6548\u61c9\uff1a\u89e3\u6790\u907f\u96aa\u6a5f\u5236\u4e0b\u7684\u50f9\u683c\u8e29\u8e0f<\/h2><span class=\"replacer\"><\/span><p>Hayes \u8a8d\u70ba\uff0c\u9019\u6b21\u5e02\u5834\u300c\u5927\u5931\u8840\u300d\u6e90\u65bc\u4e00\u7a2e\u96b1\u853d\u7684\u91d1\u878d\u52d5\u614b\u2014\u2014\u4ea4\u6613\u5546\u5c0d\u6c96\uff08Dealer Hedging\uff09\u3002\u96a8\u8457\u73fe\u8ca8 ETF \u53ca\u5176\u884d\u751f\u7968\u64da\u6210\u70ba\u4e3b\u6d41\uff0c\u5927\u578b\u9280\u884c\u8207\u4ea4\u6613\u5546\u5fc5\u9808\u900f\u904e\u8cb7\u8ce3\u6bd4\u7279\u5e63\u4f86\u4e2d\u548c\u5176\u98a8\u96aa\u655e\u53e3\u3002<\/p><p>\u7576\u6bd4\u7279\u5e63\u89f8\u53ca\u7279\u5b9a\u7684\u300c\u58d3\u529b\u9ede\u300d\uff08\u5982\u6469\u6839\u58eb\u4e39\u5229\u767c\u884c\u7968\u64da\u7684 78,700 \u7f8e\u5143 \u8b66\u6212\u7dda\uff09\u6642\uff0c\u9019\u4e9b\u6a5f\u69cb\u6703\u88ab\u8feb\u9032\u5165\u300c\u8ca0 Gamma \u9677\u9631\u300d\u3002\u9019\u610f\u5473\u8457\u7cfb\u7d71\u6703\u81ea\u52d5\u57f7\u884c\u8ce3\u51fa\u6307\u4ee4\u4ee5\u5c0d\u6c96\u98a8\u96aa\uff1b\u8af7\u523a\u7684\u662f\uff0c\u9019\u7a2e\u300c\u9632\u79a6\u6027\u8ce3\u51fa\u300d\u53cd\u800c\u52a0\u5287\u4e86\u50f9\u683c\u8dcc\u52e2\uff0c\u5c0e\u81f4\u66f4\u591a\u81ea\u52d5\u5316\u8ce3\u76e4\u88ab\u89f8\u767c\u3002\u9019\u7a2e\u7531\u6f14\u7b97\u6cd5\u4e3b\u5c0e\u7684\u60e1\u6027\u5faa\u74b0\uff0c\u6b63\u662f<a href=\"https:\/\/cryptonews.com\/tw\/cryptocurrency\/how-to-buy-bitcoin\/\">\u6bd4\u7279\u5e63\u50f9\u683c<\/a>\u5728\u5931\u5b88 7 \u842c\u7f8e\u5143\u5f8c\uff0c\u8dcc\u5e45\u5448\u5e7e\u4f55\u7d1a\u6578\u64f4\u5f35\u7684\u6839\u672c\u539f\u56e0\u3002<\/p><h2 class=\"wp-block-heading\">\u8f49\u5411\u6548\u80fd\u9a45\u52d5\uff1aBitcoin Hyper ($HYPER) \u5728\u4e82\u4e16\u4e2d\u5d1b\u8d77\u7684\u908f\u8f2f<\/h2><span class=\"replacer\"><\/span><p>\u9762\u5c0d\u4e3b\u7db2\u88ab\u6a5f\u69cb\u6f14\u7b97\u6cd5\u300c\u7d81\u67b6\u300d\u800c\u5c0e\u81f4\u7684\u6975\u7aef\u6ce2\u52d5\uff0c\u5177\u5099\u9ad8\u6297\u98a8\u96aa\u80fd\u529b\u7684\u4e8c\u5c64\u7db2\u7d61\uff08Layer 2\uff09\u6b63\u6210\u70ba\u8cc7\u91d1\u7684\u65b0\u907f\u98a8\u6e2f\u3002\u5176\u4e2d\uff0c<a href=\"https:\/\/cryptonews.com\/tw\/ext\/bitcoinhyper-tw\/\" rel=\" sponsored nofollow\">Bitcoin Hyper ($HYPER) <\/a>\u6191\u85c9\u5176\u7368\u7279\u7684\u6280\u8853\u5b9a\u4f4d\uff0c\u5728\u5e02\u5834\u6d17\u76e4\u671f\u5c55\u73fe\u51fa\u9a5a\u4eba\u7684\u5438\u91d1\u80fd\u529b\u3002<\/p><figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Some are still trying to reach the summit. <br><br>Hyper is built to operate at the peak. \u26a1\ufe0f\ud83d\udd25<a href=\"https:\/\/t.co\/VNG0P4FWNQ\">https:\/\/t.co\/VNG0P4FWNQ<\/a> <a href=\"https:\/\/t.co\/jJjjk8Tv25\">pic.twitter.com\/jJjjk8Tv25<\/a><\/p>&mdash; Bitcoin Hyper (@BTC_Hyper2) <a href=\"https:\/\/twitter.com\/BTC_Hyper2\/status\/2019634382030442634?ref_src=twsrc%5Etfw\">February 6, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure><p>\u4e0d\u540c\u65bc\u6613\u53d7\u884d\u751f\u54c1\u5c0d\u6c96\u5f71\u97ff\u7684\u4e3b\u7db2\u8cc7\u7522\uff0c$HYPER \u5c08\u6ce8\u65bc\u89e3\u6c7a\u6bd4\u7279\u5e63\u6700\u6838\u5fc3\u7684\u5be6\u7528\u6027\u554f\u984c\uff1a\u4ea4\u6613\u901f\u5ea6\u8207\u64f4\u5c55\u6027\u3002\u9019\u7a2e\u56de\u6b78\u300c\u5340\u584a\u93c8\u6548\u80fd\u300d\u7684\u6558\u4e8b\uff0c\u5728\u5e02\u5834\u4e0d\u78ba\u5b9a\u6027\u589e\u52a0\u6642\u66f4\u5177\u8aaa\u670d\u529b\u3002<\/p><p>\u76ee\u524d\uff0c<a href=\"https:\/\/bitcoinhyper.com\/zh-hant\">Bitcoin Hyper ($HYPER) <\/a>\u9810\u552e\u984d\u5df2\u52e2\u5982\u7834\u7af9\u7a81\u7834 3,100 \u842c\u7f8e\u5143\uff0c\u53cd\u6620\u51fa\u6295\u8cc7\u8005\u6b63\u5f9e\u300c\u7d14\u6295\u6a5f\u300d\u8f49\u5411\u300c\u57fa\u5efa\u6295\u8cc7\u300d\u3002\u76ee\u524d $0.0136752 \u7684\u9810\u552e\u55ae\u50f9\uff0c\u88ab\u8996\u70ba\u9032\u5165\u4e0b\u4e00\u500b\u6bd4\u7279\u5e63\u751f\u614b\u7206\u767c\u671f\u7684\u4f4e\u6210\u672c\u9580\u7968\uff0c\u80fd\u6709\u6548\u5e6b\u52a9\u6295\u8cc7\u8005\u907f\u958b\u4e3b\u7db2\u7684\u6a5f\u69cb\u6e05\u7b97\u98a8\u96aa\u3002<\/p><h2 class=\"wp-block-heading\">\u9031\u671f\u898f\u5f8b\uff1a\u75db\u82e6\u7684\u6d17\u76e4\u662f\u70ba\u4e86\u66f4\u5f37\u52c1\u7684\u5674\u767c<\/h2><span class=\"replacer\"><\/span><p>\u5118\u7ba1\u7576\u524d\u7684\u300c\u5f37\u5236\u8ce3\u58d3\u300d\u4ee4\u4eba\u4e0d\u5b89\uff0c\u4f46 Hayes \u63d0\u9192\u9019\u4ecd\u7b26\u5408\u6bd4\u7279\u5e63\u7684\u56db\u5e74\u9031\u671f\u898f\u5f8b\u3002\u7d9c\u89c0\u6b77\u53f2\uff0c\u6bd4\u7279\u5e63\u5728\u6bcf\u500b\u5dd4\u5cf0\u5f8c\u90fd\u6703\u7d93\u6b77 75%-80% \u7684\u6df1\u5e45\u4fee\u6b63\u3002\u82e5\u53c3\u7167\u904e\u5f80\u8ecc\u8de1\uff0c2025 \u5e74\u7684\u72c2\u71b1\u5f8c\u7684\u78ba\u53ef\u80fd\u8fce\u4f86\u56de\u8abf\u81f3 45,000 \u7f8e\u5143\u6c34\u5e73\u7684\u7bc9\u5e95\u671f\u3002<\/p><p>\u7136\u800c\uff0c\u9019\u4e5f\u70ba\u4e8c\u5c64\u7db2\u7d61\u63d0\u4f9b\u4e86\u7d55\u4f73\u7684\u767c\u5c55\u7a7a\u9593\u3002\u5728\u4e3b\u7db2\u6ce2\u52d5\u5287\u70c8\u6642\uff0c\u50cf Bitcoin Hyper \u9019\u6a23\u64c1\u6709\u5805\u5be6\u793e\u7fa4\u57fa\u790e\u8207\u660e\u78ba\u61c9\u7528\u5834\u666f\u7684 L2 \u8a08\u756b\uff0c\u53cd\u800c\u80fd\u5438\u6536\u5f9e\u4e3b\u7db2\u64a4\u51fa\u7684\u6d41\u52d5\u6027\uff0c\u4e26\u5728\u5e02\u5834\u60c5\u7dd2\u56de\u6eab\u5f8c\u512a\u5148\u767c\u529b\u3002<\/p><h2 class=\"wp-block-heading\">\u672a\u4f86\u6d1e\u5bdf\uff1a\u6563\u6236\u5982\u4f55\u5728\u300c\u83ef\u723e\u8857\u5316\u300d\u7684\u5e63\u5708\u751f\u5b58\uff1f<\/h2><span class=\"replacer\"><\/span><p>\u6bd4\u7279\u5e63\u9032\u5165 2026 \u5e74\u5f8c\uff0c\u5df2\u6b63\u5f0f\u544a\u5225\u7531\u6563\u6236\u60c5\u7dd2\u4e3b\u5c0e\u7684\u6642\u4ee3\uff0c\u8f49\u800c\u9032\u5165\u7531\u50b3\u7d71\u9280\u884c\u8207\u8907\u96dc\u91d1\u878d\u5de5\u5177\u64cd\u63a7\u7684\u300c\u83ef\u723e\u8857\u6642\u4ee3\u300d\u3002\u5728\u9019\u7a2e\u74b0\u5883\u4e0b\uff0c\u55ae\u7d14\u7684\u6280\u8853\u5206\u6790\u5df2\u986f\u4e0d\u8db3\uff0c\u6295\u8cc7\u8005\u5fc5\u9808\u5177\u5099\u5206\u6790\u300c\u6a5f\u69cb\u89f8\u767c\u4f4d\u300d\u7684\u80fd\u529b\u3002<\/p><p>\u540c\u6642\uff0c\u914d\u7f6e\u8cc7\u7522\u6642\u4e0d\u61c9\u50c5\u9650\u65bc\u6bd4\u7279\u5e63\u539f\u751f\u5e63\u7a2e\u3002\u5c07\u76ee\u5149\u6295\u5411\u5982 Bitcoin Hyper ($HYPER) \u9019\u7a2e\u80fd\u5920\u8ce6\u80fd\u751f\u614b\u3001\u5177\u5099\u65e9\u671f\u9032\u5834\u512a\u52e2\u7684\u6f5b\u529b\u8a08\u756b\uff0c\u5c07\u662f\u4fdd\u8b77\u8cc7\u7522\u4e0d\u53d7\u6a5f\u69cb\u907f\u96aa\u6f6e\u6ce2\u53ca\u3001\u4e26\u5728\u6df7\u4e82\u4e2d\u7372\u53d6\u8d85\u984d\u56de\u5831\u7684\u95dc\u9375\u7b56\u7565\u3002<\/p><p><code><a href=\"&lt;\/code&gt;https:\/\/cryptonews.com\/tw\/ext\/bitcoinhyper-tw\/&lt;code&gt;\" target=\"_blank\" class=\"cta-content-button\" rel=\"sponsored nofollow\">\u9ede\u64ca\u6b64\u8655\u8a2a\u554fBitcoin Hyper\u5b98\u65b9\u7db2\u7ad9<\/a><\/code><\/p>","protected":false},"excerpt":{"rendered":"<p>\u6bd4\u7279\u5e63\uff08BTC\uff09\u5728 2026 \u5e74\u521d\u7684\u5287\u70c8\u9707\u76ea\uff0c\u8b93\u5168\u7403\u6295\u8cc7\u754c\u9818\u6559\u4e86\u300c\u91d1\u878d\u6a5f\u69cb\u5316\u300d\u7684\u96d9\u9762\u5203\u6548\u61c9\u3002\u7576\u5e63\u50f9\u8fc5\u901f\u8dcc\u7834 6 \u842c\u7f8e\u5143\u5927\u95dc\u3001\u5e02\u5834\u5e02\u503c\u84b8\u767c\u903e 2 \u5146\u7f8e\u5143\u4e4b\u969b\uff0cBitMEX \u5275\u8fa6\u4eba Arthur Hayes \u6df1\u5ea6\u63ed\u9732\u4e86\u5e55\u5f8c\u63a8\u624b\uff1a\u4e26\u975e\u5e02\u5834\u57fa\u672c\u9762\u8f49\u5f31\uff0c\u800c\u662f\u4ee5\u8c9d\u840a\u5fb7\uff08BlackRock\uff09IBIT \u70ba\u9996\u7684\u7d50\u69cb\u5316\u7522\u54c1\uff0c\u5728\u6f14\u7b97\u6cd5\u9a45\u52d5\u4e0b\u89f8\u767c\u4e86\u9023\u9396\u62cb\u552e\u6f6e\u3002\u4ea4\u6613\u5546\u7684\u5f37\u5236\u5e73\u5009\u6548\u61c9\uff1a\u89e3\u6790\u907f\u96aa\u6a5f\u5236\u4e0b\u7684\u50f9\u683c\u8e29\u8e0fHayes \u8a8d\u70ba\uff0c\u9019\u6b21\u5e02\u5834\u300c\u5927\u5931\u8840\u300d\u6e90\u65bc\u4e00\u7a2e\u96b1\u853d\u7684\u91d1\u878d\u52d5\u614b\u2014\u2014\u4ea4\u6613\u5546\u5c0d\u6c96\uff08Dealer Hedging\uff09\u3002\u96a8\u8457\u73fe\u8ca8 ETF \u53ca\u5176\u884d\u751f\u7968\u64da\u6210\u70ba\u4e3b\u6d41\uff0c\u5927\u578b\u9280\u884c\u8207\u4ea4\u6613\u5546\u5fc5\u9808\u900f\u904e\u8cb7\u8ce3\u6bd4\u7279\u5e63\u4f86\u4e2d\u548c\u5176\u98a8\u96aa\u655e\u53e3\u3002\u7576\u6bd4\u7279\u5e63\u89f8\u53ca\u7279\u5b9a\u7684\u300c\u58d3\u529b\u9ede\u300d\uff08\u5982\u6469\u6839\u58eb\u4e39\u5229\u767c\u884c\u7968\u64da\u7684 78,700 \u7f8e\u5143 \u8b66\u6212\u7dda\uff09\u6642\uff0c\u9019\u4e9b\u6a5f\u69cb\u6703\u88ab\u8feb\u9032\u5165\u300c\u8ca0 Gamma \u9677\u9631\u300d\u3002\u9019\u610f\u5473\u8457\u7cfb\u7d71\u6703\u81ea\u52d5\u57f7\u884c\u8ce3\u51fa\u6307\u4ee4\u4ee5\u5c0d\u6c96\u98a8\u96aa\uff1b\u8af7\u523a\u7684\u662f\uff0c\u9019\u7a2e\u300c\u9632\u79a6\u6027\u8ce3\u51fa\u300d\u53cd\u800c\u52a0\u5287\u4e86\u50f9\u683c\u8dcc\u52e2\uff0c\u5c0e\u81f4\u66f4\u591a\u81ea\u52d5\u5316\u8ce3\u76e4\u88ab\u89f8\u767c\u3002\u9019\u7a2e\u7531\u6f14\u7b97\u6cd5\u4e3b\u5c0e\u7684\u60e1\u6027\u5faa\u74b0\uff0c\u6b63\u662f\u6bd4\u7279\u5e63\u50f9\u683c\u5728\u5931\u5b88 7 \u842c\u7f8e\u5143\u5f8c\uff0c\u8dcc\u5e45\u5448\u5e7e\u4f55\u7d1a\u6578\u64f4\u5f35\u7684\u6839\u672c\u539f\u56e0\u3002\u8f49\u5411\u6548\u80fd\u9a45\u52d5\uff1aBitcoin Hyper ($HYPER) \u5728\u4e82\u4e16\u4e2d\u5d1b\u8d77\u7684\u908f\u8f2f\u9762\u5c0d\u4e3b\u7db2\u88ab\u6a5f\u69cb\u6f14\u7b97\u6cd5\u300c\u7d81\u67b6\u300d\u800c\u5c0e\u81f4\u7684\u6975\u7aef\u6ce2\u52d5\uff0c\u5177\u5099\u9ad8\u6297\u98a8\u96aa\u80fd\u529b\u7684\u4e8c\u5c64\u7db2\u7d61\uff08Layer 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