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The claims that the Wall Street trading firm Jane Street makes every day at 10 a.m. “Supply” of Bitcoin reappeared on December 12, after Bitcoin saw a sharp drop during the day.
Speculation on social media once again pointed to institutional traders and ETF market makers. However, a closer look at the data tells a more complex story.
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What is “Jane Street at 10 o’clock?” stories?
The theory suggests that Bitcoin is often sold Around 9:30 to 10:00 AM EST, is when the US stock markets open. Jane Street is often mentioned because it is a great market maker and authorized participant Bitcoin Fast Funds American.
The indictment alleges that these companies push up prices to stimulate liquidations, then buy them back at a cheaper price. However, no regulator, exchange or data source has confirmed such coordinated activity.
Bitcoin futures data does not show intense behavior
Trade Bitcoin Laterally Today, during the opening of the American market, it maintains a narrow range of about $92,000 – $93,000. There was no sudden or abnormal selling at exactly 10:00 AM EST.
The sharp decline came later in the session, near noon in the United States. BTC price briefly fell below $90,000 before stabilizing, indicating a late squeeze rather than an open move.
shadow Open interest in Bitcoin futures Across the main stock exchanges is largely stable. Total open interest was almost flat on the day, indicating that there was no significant accumulation of new short positions.
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In the continuous market, the most important platform for institutional trading, open interest decreased slightly. This pattern usually reflects risk minimization or hedging, not aggressive directional selling.
If a large proprietary company conducts a coordinated dump, a sharp increase or collapse in open interest is usually seen. It wasn’t.
The playoffs explain the move
Filter data provides a clearer explanation. In the last 24 hours, total cryptocurrency liquidations exceeded $430 million, with long positions accounting for most of it.
Bitcoin alone saw over $68 million in liquidations, while Ethereum liquidations were even higher. This refers to the flow of leverage in the market, not a specific Bitcoin event.
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When prices fall below key levels, forced liquidations can accelerate declines. This often leads to strong declines without the need for a single dominant seller.
In particular, he mentioned US Bitcoin spot funds, which recorded an outflow of $77 million on December 11, after two days of continuous flow. This move was largely reflected in today’s price shock.
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No single location drove this sale
The move was distributed across trading platforms, including Binance, CME, OKX and Bybit. There was no evidence that sales pressure was concentrated in a single location or instrument.
This is important because coordinated manipulation usually leaves a mark. This event showed a wide participation in the markets in accordance with the automatic risk mitigation processes.
Because the story of Jane Street keeps coming back
Bitcoin volatility often clusters around US market hours due to ETF trading, And the issue of complete dataand institutional portfolio adjustments. These structural factors can make price movements appear affected.
Jane Street’s prominence in the ETF market industry makes it an easy target for speculation. But market making requires hedging and inventory management, not directional price attacks.
Today’s move is in line with a familiar pattern in cryptocurrency markets. Leverage accumulates, prices fall, liquidations scale, narratives follow.
