PANews reported on February 26th that, according to Cointelegraph, analysts say data does not support market rumors that quantitative trading firm Jane Street manipulates Bitcoin prices through algorithmic selling at the opening of the US stock market each day. The allegations stem from a lawsuit filed by Terraform Labs' court-appointed administrator against Jane Street, accusing it of insider trading that exacerbated the collapse of the Terra algorithmic stablecoin ecosystem in May 2022. Some believe that Jane Street's holdings in the BlackRock IBIT ETF may have concealed a net short position through hedging not disclosed in public filings, and conducted coordinated algorithmic selling daily at 10:00 AM ET.

Julio Moreno, Head of Research at CryptoQuant, points out that buying spot while simultaneously selling futures is a common strategy for Delta-neutral funds to capture price differences, and is not unique to any single company. Macro analyst Alex Krüger refutes the "10 AM sell-off" claim with data analysis, showing that Bitcoin's cumulative return from 10:00 to 10:30 AM Eastern Time since January 1st is only 0.9%, not a systemic sell-off. Price action during this period correlates with the Nasdaq index performance, reflecting a broad repricing of risk assets. The co-founder of Coin Bureau states that regardless of market manipulation, Bitcoin's price cannot be driven by a single company; recent weakness is more attributable to geopolitical uncertainty, global liquidity conditions, and competition in the AI ​​field.