ChainCatcher news, according to an analysis by SignalPlus head Augustine Fan, the recent sell-off of Bitcoin has been primarily triggered by multi-strategy hedge fund trading that dominates the macro market. These multi-strategy trades include arbitrage, long-short positions, and leveraged operations, aiming to maximize returns across asset classes.In the Bitcoin market, a common multi-strategy trading method is basis trading, which involves buying spot Bitcoin (usually through ETFs) and shorting Bitcoin futures to profit from the price difference. However, when the price difference narrows or the market changes, the profits from basis trading decline, leading to capital exiting positions and concentrated sell-offs of Bitcoin and ETF shares. Fan pointed out that this liquidation pressure has amplified the sell-off over the past week, especially against the backdrop of increased volatility related to tariffs.Nevertheless, the "buying the dip" sentiment still exists in the market. Fan stated that the valuations of stocks outside the major indices remain relatively stable compared to historical averages, and hard economic data may outperform the rapid deterioration of soft data. Therefore, the market generally believes that it is still a "buying the dip" market, expecting to gradually digest the impacts of tariff volatility.