Bitcoin Pumps at 10 a.m. After Jane Street Lawsuit

Key Insights:

• Bitcoin rose sharply at 10 a.m., reversing a pattern of daily sell-offs seen for months.
• Traders linked the price move to a lawsuit involving Jane Street and halted selling pressure.
• Analysts noted market gains but said no confirmed evidence ties fixed-time Bitcoin sales to Jane Street.

Bitcoin and the wider crypto market posted one of their strongest days of the year, with prices surging around 10 a.m. Eastern time. The timing drew attention because it coincided with a period that had seen consistent selling pressure for months. The news was shared on X, highlighting the unusual market move.

Market data showed Bitcoin trading above $70,000 after weeks of sideways movement. The wider crypto market followed the same path, adding more than $170 billion in total value within one day. Several major tokens posted gains during the same time window.

Claims of a Daily Selling Pattern

The price move followed news of a lawsuit involving Jane Street, filed earlier in the week. After the legal filing, traders noted that the usual selling pressure at 10 a.m. did not appear. This change led to renewed discussion across trading desks and social platforms.

An online investigator known as Bark claimed the firm had used an automated system to sell Bitcoin daily. He stated that the strategy “dumped Bitcoin every single morning at 10am” and stopped after the lawsuit became public. Jane Street has not confirmed these claims, and no public trading records show fixed-time sales.

Lawsuit Linked to Terra Collapse

The lawsuit was filed by the liquidator handling the collapse of Terraform Labs. The filing alleges that Jane Street used non-public details tied to the Terra-Luna failure to trade ahead of the market. The Terra ecosystem was founded by Do Kwon.

Court documents focus on trades made during the period of the Terra breakdown. The case does not directly mention Bitcoin trading schedules. Still, the timing of the lawsuit and the change in market behavior have raised questions among traders.

Analysts React to the Market Shift

Bloomberg ETF analyst Eric Balchunas commented on the situation, noting that a pause in steady selling could allow prices to recover. He wrote that “if the pressure is gone, the market may find balance.” His comments were shared widely as prices continued to rise.

Not all analysts changed their stance. Peter Schiff, who had warned of further declines earlier this year, did not revise his view. Traders are now watching upcoming sessions to see if the 10 a.m. pattern returns or if the recent move marks a lasting shift.

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