Goodbye Jane Street Manipulation

Goodbye 10 AM Dumps
The market is healing again
$BTC is closer to $69k
$ETH regained $2k
And not just these two, even Altcoins are recovering.
The manipulation we cried about is finally exposed.
For months, 10AM Eastern meant one thing for crypto traders: sharp, mechanical selling right as U.S. equities opened.
The pattern was so consistent that it became a meme.
Liquidations triggered with longs wiped and price recovered later.
Yesterday?
> No 10AM dump.
> And Bitcoin ripped.
Let’s connect the dots.
👉 THE 10AM PATTERN
Late 2024 through 2025, traders started noticing something hard to ignore. Almost every trading day at the U.S. open, Bitcoin would see sudden, aggressive sell programs that felt algorithmic rather than emotional.
The drops were precise. Timed. Disproportionate.
They often:
- Triggered leveraged liquidations
- Created fast downside wicks
- Reversed within hours
That isn’t how organic distribution usually looks. It looks like liquidity engineering.
Now layer this over Jane Street’s role in market structure.
They are a designated market maker and authorized participant for multiple Bitcoin ETFs, including IBIT.
That means direct access to ETF creation and redemption pipes.
And for months, the 10AM ceiling held.
👉 THEN THE LAWSUIT HEATS UP
Social activity around Jane Street exploded this week.
A federal lawsuit tied to alleged insider trading during the Terra Luna collapse is back in the spotlight.
Allegations of front-running, exploiting non-public liquidity information, old accusations about coordinated trading behavior in other markets resurfacing.
Whether proven or not, legal scrutiny changes incentives.
When lawyers are involved, behaviour gets cleaner.
And suddenly, the 10AM suppression pattern disappears.
Yesterday, instead of being smacked at the open, Bitcoin pushed higher and kept going.
👉 THE INVISIBLE BOOK
Here’s where most people misunderstand the situation.
Jane Street’s 13F filings show large IBIT and MSTR positions.
On the surface, that looks bullish with institutional conviction.
Big money accumulating Bitcoin exposure.
But 13Fs only show long equity positions.
They do not show:
- Options
- Futures
- Swaps
- Offsetting derivatives
A firm can hold $790M in IBIT and simultaneously hold an equivalent or larger short exposure via derivatives.
Net exposure could be zero and could even be negative.
If you’re structurally hedged or net short while controlling ETF inventory and liquidity windows, volatility becomes a profit center.
👉 WHAT YESTERDAY ACTUALLY SHOWED
When the 10AM sell program didn’t show up, Bitcoin didn’t stall.
It expanded with spot bids weren’t immediately absorbed.
The move extended instead of being capped. That suggests at least part of the prior stagnation wasn’t weak demand and it was structural pressure.
Correlation is not causation and the timing is impossible to ignore.
> Heightened scrutiny.
> Exploding social mindshare.
> No 10AM dump.
> Strong bounce.
If this continues, we’re going to learn something important.
Either Bitcoin was struggling because macro conditions were weak…
Or it was fighting a machine that finally stepped back.
Yesterday was the first clean morning in a long time.
And the market breathed.