Could a Non-Crypto Hedge Fund Have Pulled a Bitcoin ‘Big Short'?

Unchained

Laura Shin

News, Tech News, Business News

4.6 • 1.3K Ratings

🗓️ 12 February 2026

⏱️ 48 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Thank you to our sponsors! Figure Crypto Tax Girl What happened to Bitcoin on Feb. 5? And why does the apex crypto continue to underperform? DeFi Development Corp investment chief Parker White has some theories. In this Unchained podcast episode, Parker walks Laura Shin through them as they gain traction on X. At the center of it all is non-crypto Hong Kong fund and another fund that may be executing a ‘Big Short’-style trade using derivatives. Listen to find out why Parker is so convinced. Guest: Parker White, COO/Chief Investment Officer at DeFi Development Corp Links: Bitcoin Mining Gets a Rare Reset as Weaker Players Drop Out Why Bitcoin Is Down, Plus the Rare Bright Spot in Crypto: Hyperliquid Crypto Sentiment Is Down Bad. The Reality Is Far Different, Says Ryan Watkins Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	I literally think this time around it's the massive growth in Bitcoin derivatives and a giant fund taking advantage of it.
0:09.0	It's actually a pretty simple story. There's some complexities there, but I kind of think that's all that happened here.
0:17.0	And it has nothing to do with, you know, the Bitcoin having or the market just deciding it's time to go down.
0:30.7	Today's topic is the crypto market meltdown of February 5th and whether or not it relates to 1010.
0:36.3	Here to discuss is Parker White, C.O, and
0:39.0	Chief Investment Officer at Defy Development Corp. Welcome, Parker. Thanks to having me, Laura.
0:44.8	Quick note before we get into today's episode. Bits and Bips now has its dedicated feeds. We're
0:50.4	spinning off from the unchained feed and moving to a new podcast and YouTube channel.
0:54.9	So if you want to keep up with our weekly live streams and macro meets, crypto breakdowns,
0:59.1	make sure to subscribe to Bits and Bips directly.
1:01.9	We won't publish there until March, but subscribe today so you can be ready for launch.
1:06.3	Be sure to subscribe to the new feeds.
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