Was Jane Street Dumping BTC Daily? The Truth Behind the “10AM Dump” Narrative

Was Jane Street Dumping BTC Daily?

$Bitcoin recently broke above $67,000–$68,000 in a sharp rally that triggered a wave of short liquidations and added over $100 billion to its market cap within 24 hours.

But beyond the price action, a different narrative took over Crypto Twitter:

• “The 10AM dump has stopped.”
• “Jane Street was behind it.”
• “The lawsuit changed everything.”

So what is the so-called “10AM dump”? And is there any evidence that Jane Street was systematically selling Bitcoin every day?

Let’s separate narrative from facts.

What Is the “10AM Dump”?

The “10AM dump” is an informal term used by traders to describe a pattern where Bitcoin often sold off around 10:00 AM Eastern Time.

Why that time?

• US stock markets open at 9:30 AM ET
• The first 30–60 minutes bring the highest liquidity
• Major macroeconomic data is often released at 8:30 AM or 10:00 AM
• Institutional hedging and ETF adjustments occur during this window

Many traders noticed that after overnight gains during Asia and Europe sessions, Bitcoin frequently reversed lower during the early US session.

Over time, this repeated behavior turned into a narrative:
that a large institutional player was deliberately “slamming” the market at 10AM.

However, time-based volatility around the US open is common across asset classes — not unique to crypto.

Why Was 10AM Important Today?

What made today different is that Bitcoin did not dump during the US open window.

Instead:

• BTC broke resistance
• Shorts were liquidated
• Momentum accelerated
• Price reclaimed key levels

When a widely observed intraday pattern suddenly breaks, traders interpret it as:

• Selling pressure exhausted
• A large seller stepping away
• Positioning flipping
• A short squeeze beginning

The absence of a dump became the signal.

But a pattern breaking does not automatically prove prior manipulation.

What Is the Lawsuit About?

The legal narrative centers around Terraform Labs — the company behind the 2022 collapse of $LUNA and $UST.

Terraform has alleged that certain trading firms, including Jane Street, engaged in structured trading activity related to UST during its peg defense period.

Key points circulating online include:

• Allegations of coordinated trading strategies
• Claims of benefiting from UST depeg mechanics
• Structured derivatives positions

Important clarification:

1. These are legal allegations within litigation.
2. No court ruling has concluded wrongdoing regarding Bitcoin markets.
3. The lawsuit relates to events surrounding UST and Terra — not proven daily BTC manipulation.

There is currently no verified evidence that Jane Street was systematically dumping Bitcoin at 10AM every day.

Was Jane Street Dumping BTC Daily?

Objectively speaking:

There is no confirmed proof of coordinated daily BTC dumping by Jane Street.

More plausible explanations for repeated 10AM volatility include:

• ETF hedging adjustments
• Market maker gamma positioning
• Options expiry dynamics
• Liquidity concentration at US open
• Algorithmic rebalancing
• Macro data releases

Large quantitative firms do trade during peak liquidity windows — because that is when execution is most efficient.

That does not automatically imply manipulation.

What Likely Drove the Recent Bitcoin Rally?

The recent breakout aligns more closely with:

• Short squeeze dynamics
• Heavy positioning imbalance
• Liquidity vacuum above resistance
• Broader macro volatility (tariffs, gold surge, debt concerns)
• Institutional participation during US session

When markets are heavily shorted, the absence of expected selling pressure can trigger rapid upside cascades. That fits today’s structure more convincingly than the “manipulation stopped” theory.

Final Verdict

The “10AM dump” is a trader-observed pattern — not confirmed evidence of daily coordinated manipulation.

The lawsuit involving Terraform and Jane Street relates to Terra’s collapse, not proven systematic Bitcoin dumping. Bitcoin’s recent strength likely reflects positioning shifts and liquidity dynamics rather than the sudden disappearance of a single large seller.

In markets, narratives move fast.
But evidence moves slower.

And so far, the evidence does not support the claim that Jane Street was dumping BTC daily at 10AM.