The 10 AM Bitcoin Dump Theory: Fact, Fiction, and the Alleged Role of Jane Street

The article investigates the resurfaced theory on Crypto Twitter alleging that the quantitative trading firm Jane Street systematically sells Bitcoin around 10 AM Eastern Time, causing price drops. This theory gained traction as search interest for "Jane Street Bitcoin" hit an all-time high, often linking the alleged manipulation to Jane Street's significant positions in Bitcoin ETFs like IBIT.

Proponents suggest Jane Street uses its role as an Authorized Participant (AP) to suppress spot prices, potentially hiding short exposure through derivatives not visible in 13F filings. Some commentators even noted that the alleged 10 AM dumps appeared to pause following a recent lawsuit filed against Jane Street related to the 2022 Terra collapse, fueling the narrative that legal scrutiny halted the manipulation.

However, counterarguments dismiss the theory as an oversimplification. Analysts like Julio Moreno of CryptoQuant suggest the observed mechanics are standard delta-neutral fund activity, and point to collapsing overall spot demand as a clearer price driver. Others argue that market cycles produce narratives to explain price action, and that the focus on Jane Street misunderstands the structural mechanics common to all ETF APs. Ultimately, the article concludes that while the theory is compelling, it remains an allegation without confirmed evidence.

(Source：BeInCrypto)