Market analysts have pushed back against claims that Jane Street is engineering a daily 10 a.m. Bitcoin sell-off, saying available data does not support the idea of a systematic price dump.
The allegations gained traction after a lawsuit tied to Terraform Labs accused Jane Street of questionable trading practices, prompting online speculation that the firm was manipulating Bitcoin around the US market open.
Some commentators argued that Jane Street’s reported $790 million holding in iShares Bitcoin Trust could mask a net short position through derivatives hedges not visible in public filings, potentially allowing the firm to benefit from intraday price pressure.
However, CryptoQuant head of research Julio Moreno said the strategy described, buying spot exposure while selling futures, is common among delta-neutral funds seeking to capture spreads rather than directional moves.
Macro analyst Alex Krüger said blockchain data shows Bitcoin has recorded cumulative gains of about 0.9% in the 10 a.m. to 10:30 a.m. window since January 1, disputing the narrative of a consistent “10 AM dump” and linking the timing more closely to broader Nasdaq-driven risk repricing.
Jane Street’s latest 13-F filing also disclosed positions in Strategy and Bitcoin mining companies including Bitfarms, Cipher Mining and Hut 8, underscoring its diversified exposure to the crypto ecosystem rather than a single directional bet.
Nick Puckrin of Coin Bureau said that even if certain strategies amplify volatility at the US open, no single firm can drive a prolonged bear market in a global and highly liquid asset like Bitcoin.
Analysts added that Bitcoin’s recent weakness is more likely tied to geopolitical uncertainty, global liquidity conditions and competition for investor capital from the fast-growing artificial intelligence sector rather than coordinated manipulation by one trading firm.
At the time of reporting, Bitcoin price was $67,573.41.