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Dovey Wan, founding partner of Primitive Ventures, posted on X regarding the rumor that "the market drop may be due to a Hong Kong hedge fund's liquidation from IBIT options trading." Being in the "Hong Kong fund" circle in Asia, I have to share a contrary opinion.About taxes: Hong Kong does not have capital gains tax (Cap Gains) at all, so the so-called "tax optimization harvesting" perspective is basically viewed from the American standpoint, which does not apply to us.About the rumors: We are conducting due diligence (DD) on Hong Kong's largest Bitcoin options strategy fund. From their performance in recent months and our communications with them, there has been no drama since October 11. The Hong Kong circle is small, and everyone loves gossip; if something really happened, it would be impossible to keep it under wraps. For example, when the Hong Kong-based 3AC-related market maker Taipingshan faced issues, we knew about it almost the next day.About capital flows: Long before the in-kind redemption mechanism appeared, many old-school Bitcoin whales in Asia had already swapped their assets one way into compliant channels like IBIT (at that time, only Galaxy could do this; those who understand know). This was mainly done to: ensure safer custody; reduce operational and counterparty risks; facilitate collateral flow within the traditional financial (TradFi) system; and allow for cleaner transitions to other traditional financial assets.About trading habits: Starting from the second half of 2025, Bitcoin trading activity will structurally lean more towards U.S. stock trading hours (especially the early morning session when New York opens), and the spot selling pressure across major exchanges reflects this. In recent days, Binance has also seen significant spot selling pressure during these times, which is actually a chain reaction caused by ETF redemptions.Additionally, why would a Bitcoin fund "blow up" just because of writing options? Unless they are naked shorting or engaging in leveraged basis trades, resulting in liquidation due to an unexpected widening of the price difference between IBIT and spot. Therefore, it is likely that this is a traditional financial (TradFi) fund with a cross-margin mechanism, rather than a purely "old-school Bitcoin believer" fund.

In the context of widespread anti-government protests in Iran and the government's implementation of internet blackouts, local residents are accelerating the transfer of Bitcoin into personal wallets. Blockchain analysis company Chainalysis points out that since the protests began and during the internet outages, there has been a significant increase in BTC withdrawal transactions from local exchanges to unknown personal wallets, indicating that the public is self-custodying Bitcoin with greater frequency during times of social unrest.Chainalysis believes that this behavior is closely related to the significant devaluation of the Iranian rial. Data shows that the exchange rate of the rial against the dollar dropped from about 420,000 to over 1,050,000 in a short period, leading to a rapid loss of purchasing power. Against this backdrop, Bitcoin is seen as an important tool to hedge against currency collapse and economic instability due to its decentralized, censorship-resistant, and cross-border transfer characteristics. The report also notes that this trend is consistent with other regions globally experiencing war, economic crises, or government repression. Additionally, Chainalysis revealed that addresses associated with the Islamic Revolutionary Guard Corps (IRGC) accounted for over 50% of the total crypto asset receipts in Iran in the fourth quarter of 2025, with an annual on-chain processing amount exceeding $3 billion.

RWA Fixed Income Market Haven announced the completion of its seed round financing with a valuation of $30 million, with participants including Candaq, Apus Capital, ZC Capital, and BlockPulse Digital Asset Management.Haven aims to build a transparent and programmable on-chain RWA fixed income market by bringing traditional low-volatility, predictable yield assets onto the blockchain, making fixed income the foundational layer of on-chain finance. Currently, Haven has launched U.S. Treasury products, allowing users to access on-chain Treasury yields using USDT, USDC, and USD1.

According to Jin Shi reports, the foreign exchange market saw increased volatility on Friday as the stock market faced sell-offs, prompting investors to flock to safe-haven assets. The UK's budget proposal this month will not raise income tax, which has pressured the pound. Traders believe that the likelihood of the Federal Reserve cutting interest rates in December is much lower than expectations a few weeks ago, leading to a sell-off of highly valued U.S. stocks and government bonds, with funds flowing into the Swiss franc and Japanese yen. The latest market data shows that the dollar has fallen 0.5% against the Swiss franc and 0.5% against the Japanese yen.

According to Ming Pao, Eric Trump, the son of U.S. President Donald Trump, stated in an interview with "Yahoo Finance Invest" that Bitcoin has become the strongest asset of this era, and he believes it has advantages over traditional hard assets like real estate.Eric Trump believes that Bitcoin offers advantages such as 24-hour trading and low fees, which traditional hard assets cannot match. He thinks that whether it's to hedge against inflation, combat corruption, or counter the chaos of global monetary policies, Bitcoin can serve as an important option for investors seeking safety.When asked why American Bitcoin, the Bitcoin mining company owned by Donald Trump Jr. and Eric Trump, can mine at such low costs, Eric Trump stated that the main reason is the decline in energy prices in the U.S. in recent years. The company operates in West Texas, taking advantage of the extremely low electricity costs to mine Bitcoin 24 hours a day, with costs being about half of the market price. He also pointed out that mining with domestic energy in the U.S. is the foundation of a company's global competitiveness.

ChainCatcher news, according to Crypto Briefing, IBM has announced the launch of a new digital asset platform, Digital Asset Haven, aimed at helping financial institutions and highly regulated enterprises securely enter the digital asset economy.The platform was developed in collaboration with Dfns and supports over 40 blockchain networks, providing secure custody, transaction lifecycle management, and policy-based governance features. The platform integrates compliance tools, quantum-safe encryption technology, and hardware-backed key security mechanisms, enabling institutions to participate in the blockchain ecosystem while meeting stringent regulatory requirements.

ChainCatcher news, according to PR Newswire, technology giant IBM has announced the launch of the digital asset operating platform IBM Digital Asset Haven.It is reported that this is a comprehensive platform for financial institutions, governments, and enterprises to securely manage and scale their digital asset operations, allowing banks and administrative agencies to manage their digital asset lifecycle through a single solution, including custody and settlement, among others.

ChainCatcher news, according to Jinshi reports, this week gold futures prices have once again surpassed the $3,900 per troy ounce mark. Saxo Bank analyst Hansen stated that the U.S. government shutdown has injected new safe-haven demand for precious metals. In a report, he mentioned that typically, during holiday periods in some parts of Asia, physical demand tends to ease, and there is usually a risk of price pullback, but this time it has not occurred.

ChainCatcher news, according to Jinshi reports, the Asian spot gold has historically broken through 3,800 USD, reaching as high as 3,812 USD. Analysts believe this is mainly driven by safe-haven demand, due to reasons including Russia's large-scale drone and missile attacks on Kyiv, the close attention on U.S. military generals' closed-door meetings in Virginia, and investors preparing for a potential U.S. government shutdown that could affect Friday's non-farm payroll report. In addition, expectations for further interest rate cuts by the Federal Reserve are also increasing, providing potential support.

ChainCatcher news, HTX DeepThink columnist and HTX Research researcher Chloe (@ChloeTalk1) analyzes that the recent international market shows a risk-averse atmosphere: the US dollar index is strengthening, the yield on the US 30-year Treasury bond continues to rise, gold prices have broken historical highs, and long-term bond yields in Europe and Japan are generally rising, while US stocks have slightly adjusted.The supply pressure of European and American bonds and the uncertainty in Japanese politics have triggered a global sell-off of long bonds; investors have thus turned to assets like gold and Bitcoin, with gold prices rising above $3,500 per ounce. On-chain data shows a divergence in Bitcoin network activity: active addresses decreased by 2.2% to 692,000, but on-chain transaction volume increased by 8% to $10.3 billion, indicating a decline in retail participation and an increase in the proportion of large traders.The Bitcoin futures/spot ratio has dropped to its lowest level since October 2022, with spot trading volume three times that of altcoins, and the Taker buy-sell ratio reaching 1.21, indicating strong demand for spot from large holders. In terms of derivatives, BTC's long-term realized volatility has fallen to near 2023 lows, but the implied volatility of long-term options is higher than actual volatility, reflecting market expectations of a rebound in volatility before the end of the year; ETH's realized volatility continues to rise, with funds once again buying call options, the most popular being the $4,500 and $4,900 call contracts expiring on August 29, while BTC is most active in trading the $122,000 call option expiring on August 29 and the $116,000 put option expiring on August 22.The implied volatility skew of ETH options for the short term and 30-day term has turned positive from negative, with open interest concentrated in the $4,900-$5,200 call and $3,900-$4,200 put ranges. Overall, the macro environment has stimulated demand for safe-haven assets like gold and Bitcoin, and on-chain and options data show strong buying pressure for Bitcoin spot, significant bullish sentiment from institutions, but a decline in retail enthusiasm, with the market still in a consolidation phase.

ChainCatcher news, QCP released a briefing indicating that the market focus has shifted from the rate cuts themselves to the issue of Federal Reserve independence. Analysis shows that the market is pricing in a higher term premium at the long end while lowering the threshold for a dollar down cycle. Against this backdrop, even with the implementation of easing policies, the yield curve tends to steepen, the dollar weakens, and gold and Bitcoin gain support as investors seek to hedge against inflation and governance risks.After the Jackson Hole meeting, rate cuts are still seen as possible, although inflation is unlikely to quickly return to the 2% target. The market expects two rate cuts this year, but new tariffs may raise inflation expectations, which is worth noting.

ChainCatcher news, according to Jinshi Data, there has been noticeable unrest in the currency markets as Trump fired the head of the U.S. Bureau of Labor Statistics, McIntyre, and was accused of attempting to manipulate economic data. Meanwhile, the independence of the Federal Reserve is also facing ongoing attacks from the government.ANZ stated in a report that financial markets place a high value on the independence of statistical data, and the firing of McIntyre "can certainly be seen as yet another move to undermine the United States' status as a safe haven in the global economy."

ChainCatcher news, according to Decrypt, recent academic research has explored the relationship between Bitcoin and gold as stores of value. The study found that although Bitcoin is referred to as "digital gold," it currently lacks the historical record, stability, and resilience in crises that gold possesses.Bitcoin's volatility is significantly higher than that of gold, and its correlation with traditional assets is unstable. Nevertheless, as the Bitcoin market matures and volatility decreases, its role as a portfolio diversification tool may strengthen.

ChainCatcher news, BitMEX co-founder Arthur Hayes posted on the X platform today, stating that the current market weakness is only a temporary phenomenon. As central banks around the world continue to expand the scale of money printing under the guise of "national interests," the value of Bitcoin as a safe-haven asset will become increasingly evident, and its status will ultimately be widely recognized by the market.

ChainCatcher news, Simon Gerovich, CEO of the Japanese listed company Metaplanet, tweeted that in uncertain times, Bitcoin is a safe haven. Resilient. Borderless. Unstoppable.

ChainCatcher news, Deutsche Bank analyst Thu Lan Nguyen pointed out in a report that the recent appreciation of the dollar due to the Israel-Iran conflict may primarily stem from the rebound in oil prices rather than its safe-haven currency role. The dollar benefits from rising oil prices, as this improves the ratio of export to import prices, i.e., the U.S. trade conditions. Thanks to technological breakthroughs from the shale oil revolution, the U.S. has now become one of the largest crude oil producers in the world.It is worth noting that the dollar did not show a broad strengthening trend last Friday; instead, it recorded declines against the Canadian dollar and Norwegian krone, which are more dependent on oil economies. Analysts emphasized that this phenomenon precisely explains why, as oil prices retraced some of last Friday's gains, the dollar index also experienced a pullback.

ChainCatcher news, on Monday's Asian morning, gold prices rose slightly due to geopolitical tensions that may stimulate safe-haven demand. Israel and Iran intensified airstrikes over the weekend, while U.S. President Trump stated that the U.S. "could possibly" get involved in the conflict.Market analyst Fawad Razaqzada stated that gold has been rising under the influence of safe-haven funds. Razaqzada added, "Given the increasing geopolitical risks in the Middle East, the outlook for gold is undoubtedly still positive."