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Crypto

Bitcoin 10 a.m. plunge? Jane Street manipulation claims disputed

Some investors claim U.S. trading firm Jane Street has repeatedly pushed Bitcoin lower with program selling shortly after the U.S. stock market opens, around 10 a.m. Eastern time. The claims spread after a Terraform Labs lawsuit. Analysts and on-chain researchers said the pattern is not statistically consistent and may reflect delta-neutral arbitrage that combines spot buying and futures selling. They said no clear evidence shows any single institution structurally controlled prices.

Crypto

40% of bitcoin treasury firms trade below value of bitcoin holdings

Shares of listed companies that hold large amounts of bitcoin are increasingly trading below the net asset value (NAV) of their bitcoin holdings. Crypto macro analyst Alex Kruger estimates at least 37 of the top 100 bitcoin-holding listed firms, about 40%, are in such discounted trading. He compared the structure to the period before the Grayscale Bitcoin Trust premium collapse in 2020. MicroStrategy trades about 17% below its bitcoin holdings value.