Starting in the second half of 2025, some traders who follow Bitcoin trends on Twitter noticed something strange. They reviewed the Bitcoin intraday charts from the past six months and found increasingly suspicious patterns: almost every day around 10 a.m., just after the US stock market opens and during the most active market sentiment, Bitcoin would experience a clean and sharp decline, precisely wiping out the previous gains.

Financial media outlet ZeroHedge even directly pointed out that the main behind-the-scenes player is one of the primary market makers for Bitcoin spot ETFs: Jane Street. After the 10 a.m. sell-off, Jane Street quietly accumulates positions, holding over $2.5 billion in BlackRock’s Bitcoin ETF IBIT.

They even named this phenomenon the "Jane 10 a.m. Sell-off Strategy." Recently, this rumor gained widespread attention again due to a lawsuit from Terra.

Terraform Labs’ bankruptcy trustee recently filed a lawsuit in court, naming Jane Street, co-founder Robert Granieri, and two traders, Bryce Pratt and Michael Huang, as defendants.