Jane Street's Role in Bitcoin Price Action Sparks Debate

A recent surge in speculation online has led to renewed attention on Jane Street, a global quantitative trading firm accused of manipulating Bitcoin's price by allegedly selling large amounts of the cryptocurrency at 10 AM Eastern Time. The theory, which suggests that Jane Street is behind the supposed '10 AM sell-offs', has been circulating online for months, with some experts arguing that it may be overstated.

According to Google Trends data, search interest for 'Jane Street Bitcoin' recently reached an all-time high, indicating a sharp rise in public curiosity. The theory suggests that Jane Street is using its speed and liquidity to move markets for a few minutes, allegedly selling Bitcoin at the open and pushing the price into liquidity pockets.

However, several analysts have pushed back against the narrative, arguing that the 10 AM pattern is not as clear-cut as it seems. Julio Moreno, Head of Research at CryptoQuant, notes that buying Bitcoin on the spot market and selling futures is a common strategy for any delta neutral fund. He also points to the lack of a broader market context in the discussion, citing overall Bitcoin spot demand growth as an obvious driver of the price decline.