In recent days, BlackRock has been at the center of extreme crypto-market turbulence, as its iShares Bitcoin Trust (IBIT) and related options saw record trading activity amid theories of leveraged hedge fund blowups and institutional hedging feedback loops. These events spotlight how a single, rapidly growing bitcoin ETF can influence broader digital-asset price moves and risk management behavior across the market. We’ll now examine how the crypto-driven volatility around BlackRock’s IBIT...