Parker White, Chief Investment Officer at DeFi Dev Corp, has linked the recent drop in Bitcoin (BTC) and Solana (SOL) prices to the liquidation of leveraged options by large holders of BlackRock's IBIT. On February 6, White noted that IBIT trading volume hit a record $10.7 billion, with options premiums reaching $900 million. This unprecedented activity is suspected to involve non-crypto hedge funds in Hong Kong, China. White highlighted that these funds, which hold significant positions in IBIT, may have been attempting to mitigate margin risk through leveraged options trading. However, the strategy appears to have backfired, with losses mounting and contributing to the decline in BTC. The situation is compounded by broader market pressures, including a sharp drop in silver and the unwinding of Japanese yen carry trades. While detailed position disclosures are expected by mid-May, the scale of the event suggests it may be difficult to conceal.