Recent social media speculation suggests that the recent sharp Bitcoin sell-off may not be entirely driven by macroeconomic factors but rather by the forced liquidation of a large fund's Bitcoin positions. One theory points to a Hong Kong hedge fund involved in Bitcoin options trading, with suspicions directed at the family office of Li Lin. According to the latest SEC 13F report, as of the end of Q3 2025, Avenir Group, founded by Li Lin, holds 18,297,107 shares of IBIT, with a market value of $1.189 billion, marking an 18% increase from the previous quarter. Avenir Group has maintained its position as the largest institutional holder of Bitcoin ETFs in Asia for five consecutive quarters.