Jane Street Denies Allegations of Bitcoin Price Manipulation

The recent lawsuit filed against Jane Street has led to speculation about the firm's involvement in market manipulation. Specifically, some have suggested that the company uses its holdings of the BlackRock IBIT ETF as a means to mask net short positions and engage in coordinated algorithmic selling at 10:00 AM Eastern Time.

However, an analysis by CryptoQuant's Julio Moreno found no evidence to support this claim. Using data from January 1 onwards, Moreno calculated that Bitcoin's cumulative return between 10:00 and 10:30 AM Eastern Time is 0.9%, indicating no systematic selling.

Macro analyst Alex Krüger also weighed in on the issue, pointing out that price action during this period is actually correlated with the Nasdaq Index. This suggests that recent market fluctuations are more likely related to broader economic trends rather than any single company's actions.