Glassnode Co-Founders Reignite Allegations Against Jane Street's Bitcoin Trading Practices

The debate surrounding the alleged manipulation of Bitcoin prices by Jane Street has been reignited by Glassnode co-founders Jan Happel and Yann Allemann, who have pointed out intriguing correlations between the firm's algorithmic trading patterns and the cryptocurrency's recent volatility.

According to the analysis, which was published on the shared X account Negentropic, the daily 10 a.m. flash crashes that occurred throughout early 2025 were consistent in their timing and exhibited algorithmic signatures. The proponents of this theory also highlighted unusual volume anomalies during these periods, as well as the disproportionate impact on Bitcoin's overall price trajectory.

The controversy gained significant traction after Terraform Labs' legal action against Jane Street was filed in February 2025. The allegations centered around the collapse mechanisms of TerraUSD (UST) and Luna (LUNA), with court documents revealing complex trading relationships between the entities.