Bitcoin prices rebounded on Wednesday, briefly approaching $70,000 before easing back. The rally was driven by increased demand for spot Bitcoin funds, with inflows reaching $507 million in a single day – the largest since early February.
The weekly flows have now turned positive after five consecutive weeks of redemptions totaling $3.8 billion. This shift in investor sentiment has sparked renewed risk appetite, with traders rotating into higher beta tokens such as ether and solana.
However, online speculation surrounding the '10 am dump' phenomenon has reignited concerns about market structure and price discovery. The pattern, which involves bitcoin selling off around the 10 am Eastern equity open before rebounding, has been linked to Jane Street's involvement in major Bitcoin ETFs. While there is no confirmed evidence supporting these claims, the debate has sparked fresh scrutiny of the firm's role in shaping short-term price action.