Glassnode Co-Founders Reignite Controversy Over 'Jane Street-Driven Bitcoin (BTC) Selling Pressure'
Summary
- It reported that Negentropic has again highlighted the hypothesis of 'Bitcoin selling pressure driven by Jane Street.'
- It reported claims that after Terraform Labs filed a lawsuit against Jane Street, the sharp-drop pattern around 10 a.m. disappeared and Bitcoin began to rebound.
- It said Jane Street dismissed the allegations as "baseless claims," and that there is no official evidence or regulatory confirmation related to the claim.
Negentropic, an X (formerly Twitter) account run by Jan Happel and Yann Allemann, co-founders of on-chain analytics firm Glassnode, has again brought attention to the controversy spreading in the crypto community over alleged 'Jane Street-driven Bitcoin selling pressure.'
The hypothesis claims that Jane Street, a major U.S. market-making firm, used algorithmic selling at 10 a.m. Eastern Time each day to push BTC prices lower.
The debate was reignited after Terraform Labs, which filed for bankruptcy the previous day, sued Jane Street in connection with the collapse of TerraUSD (UST) and Luna (LUNA). Some in the community have also claimed that after the lawsuit was filed, the sharp drop pattern around that time disappeared and Bitcoin began to rebound.
Negentropic said, "After the lawsuit related to Jane Street became public, the Bitcoin plunge that had occurred at 10 a.m. every day disappeared as if by a miracle."
Jane Street has dismissed the allegations as "baseless claims."
So far, there has been no official evidence or confirmation by regulators regarding the claim.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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