Bitcoin, Ethereum and Solana rally as analysts flag pause in ‘10 a.m. dump’ after Jane Street lawsuit
Major cryptocurrencies rallied after a lawsuit against Jane Street allegedly halted a suspected daily 10 a.m. selling pattern.Summary
Bitcoin, Ethereum, and Solana experienced significant rallies, adding over $170 billion to the total crypto market cap, following news of a lawsuit against Jane Street for alleged insider trading related to the Terra-Luna collapse.
Analysts on social media, including commentator Bark and onchain analyst Nonzee, suggested that a long-suspected pattern of heavy selling pressure every morning around 10 a.m. Eastern time—attributed to Jane Street—had abruptly stopped after the lawsuit was filed. Bitcoin briefly surpassed $70,000, while Ethereum and Solana saw gains exceeding 13% and 15%, respectively.
The lawsuit, filed by the administrator overseeing Terraform Labs' liquidation, accuses Jane Street of using non-public information from Terra insiders to front-run trades during the 2022 Terra-Luna collapse. While there is no public proof of the systematic selling, the timing of the rally fueled widespread speculation that the removal of this perceived selling 'bogeyman' could sustain the rebound, as noted by Bloomberg analyst Eric Balchunas.
(Source：The Block)