Was Jane Street Suppressing Bitcoin Price Action?

Key Insights:

• Many crypto analysts claim Jane Street was responsible for suppressing the Bitcoin price below $150,000 through manipulation.
• The ‘10 AM dump’ pattern disappeared following an insider trading lawsuit filed against Jane Street.
• Bitcoin price now eyes the $70,000, as the price hints at fading selling pressure

A hot conspiracy theory about Bitcoin (BTC) price action and Jane Street recently went viral within the crypto community. A key question raised is whether the investment firm is the reason why Bitcoin has not climbed to $150,000.

Bitcoin traders also raised discussions after the 10 AM pattern disappeared following an insider trading lawsuit.

The Jane Street Bitcoin Price Suppression Theory

Jeff Park, an advisor to Bitwise, shared a post on X, pointed out one question circulating within the crypto community. According to Park, traders were asking why quantitative trading firm Jane Street is keeping the Bitcoin price below $150,000.

The question stems from frustration about the recent BTC price decline, despite strong ETF inflows and other bullish factors.

Many pointed fingers at Jane Street, one of the key authorized participants (APs) in spot Bitcoin exchange-traded funds (ETFs). The investment firm acts as a market maker and liquidity provider, helping create and redeem ETF shares.

The conspiracy angle claims Jane Street is actively preventing BTC from reaching $150,000 through deliberate, repeatable price manipulation tactics.

Jane Street and Bitcoin Price Suppression | Source: Jeff Park

Proponents of these claims noted that Jane Street accumulates BTC in disguise. According to them, the firm appears bullish on paper as it reportedly bought IBIT and even MSTR shares

However, they claim this masks net-short exposure via hidden derivatives. They accused Jane Street of suppressing spot prices to accumulate real BTC cheaply while profiting from volatility.

Jeff Park, however, argued that any price softness is more about structural ETF mechanics that apply to all APs.

Generally, APs create and sell new shares on the stock exchange when demand for the ETF is high. Conversely, when the ETF trades at a discount, APs redeem shares and get the Bitcoin back. This creates a mechanism that keeps the ETF price very close to the actual value of the Bitcoin it holds (NAV).

The Jane Street 10 AM Dump Pattern

Bitcoin traders also highlighted a weirdly consistent pattern in Bitcoin price movement. For several months, BTC would often build some strength overnight or early morning. Then, right around 10:00 AM Eastern Time, when U.S. stock markets are fully open, BTC would dump in minutes.

After the dip, the price often rebounds later in the day, allowing Jane Street to buy back cheaper or accumulate indirectly. Analyzing this pattern, the community member quickly named the pattern the “Jane Street dump.”

The theory is that the investment firm was running some systematic selling program at that exact time. People blamed the firm for capping rallies and keeping BTC range-bound.

However, traders noticed the pattern appeared to vanish today, right after the lawsuit headlines exploded in crypto media. They implied the lawsuit scared Jane Street into halting any alleged suppressive trading, removing artificial downward pressure.

Bitcoin Flips Bullish, Price Bottom?

Notably, Bitcoin price rose 10% in the morning trade session, adding roughly $120 billion to its market cap. As a result, the coin flipped the weekly candle green after five red ones.

BTC Price Reversal | Source: Santiment

Within the same window, the total crypto market added nearly $200 billion. Currently, BTC hovers around $68,080, up 3.4% over the past 24 hours. This rally follows a rough period over the past few months. BTC hit an all-time high around $126,000 in October 2025, then corrected sharply by roughly 46%.

The BTC price decline aligned with broader market deleveraging, macro pressures, and reduced institutional interests. At the moment, bullish signals suggest a potential local bottom for the top coin. If support continues to hold, BTC could see a strong bounce towards the $70,000 region.

Institutional Bitcoin accumulation also increased, as seen by inflows into the spot ETFs. This would likely help boost confidence in BTC and fuel future price rallies.

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