BlockBeats News, February 26 — The speculation about market manipulation by Jane Street has sparked ongoing discussions about Bitcoin ETF mechanisms. Jeff Park, an advisor at Bitwise, stated that whether Bitcoin’s price is being suppressed by Jane Street is not an issue specific to a single institution but is determined by the structural features of the Bitcoin ETF framework. Each authorized participant (AP), including Jane Street Capital, JPMorgan, Goldman Sachs, and others, has the exemption to create and redeem ETF shares. This allows them to flexibly manage their positions in the market, including using futures or derivatives for hedging, without necessarily purchasing spot Bitcoin, which could influence the price discovery process. This gray area of operation stems from regulatory exemptions and SEC approval for physical delivery. Although there is no evidence that any AP is explicitly suppressing Bitcoin’s price, the existing structure may alter the natural price formation mechanism, warranting attention from regulators and investors.
Bloomberg ETF analyst Eric Balchunas responded, saying that this mechanism is indeed difficult to understand. He is curious about who or what forces are behind the “patterned sell-offs” that appear daily and then suddenly disappear. Samson Mow, CEO of Bitcoin technology company Jan3, stated that becoming an AP is not the only factor in price suppression strategies; the key is how extensive their undisclosed trading and hedging activities are. This is a channel that brings capital costs close to zero.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Strategy Breaks Record with One-Day STRC Stock Sale
Strategy Inc. achieved record trading volume with its Stretch preferred stock issuance, raising capital to fund aggressive Bitcoin acquisitions. The firm continues to leverage capital markets, enhancing its position as a leading corporate Bitcoin holder.
DailyCoin2m ago
In the past 24 hours, the entire network has been liquidated by $365 million, with BTC liquidations totaling $132 million.
In the past 24 hours, the total liquidation amount in the cryptocurrency market reached $365 million, with long positions liquidated at $157 million and short positions at $207 million. BTC and ETH were liquidated at $132 million and $70.34 million respectively, with a total of 92,499 people liquidated. The largest single liquidation was $8.083 million.
GateNews27m ago
Bitcoin Rises as Trump Amplifies Iran Threats, Fed Rate Cut Chances Fall Near Zero
Bitcoin's price hovers near $71,000 despite a 3% increase, as geopolitical tensions and the Federal Reserve's rate policy create market uncertainty. Oil prices have declined from recent peaks, and crypto markets face liquidation pressures amid mixed investor sentiment.
Decrypt27m ago
Crypto and TradFi Divergence Defines 2026 Market Resilience Amidst Bitcoin Sell-Off
March 2026 as traditional equities and digital assets fell sharply apart. In the first quarter A decoupling is being witnessed that challenges the notion of Bitcoin as a high-beta proxy for the stock market. After a year-end sell-off and a plunge from its 2025 highs, the S&P 500 (SPX) has shown
BlockChainReporter54m ago
How Bitcoin ETFs Are Changing Crypto Market Structure and Supply
Exchange-traded funds have changed how capital reaches crypto markets and how traders find prices. The arrival of spot Bitcoin ETFs opened regulated on-ramps. At the same time, a meaningful share of mined Bitcoin sits outside active markets. This report explains how ETFs alter market structure and w
CryptoBreaking1h ago
BTC Breaks Through 71,000 USDT
Gate News bot message, Gate market display, BTC breaks through 71,000 USDT, current price 71,012.6 USDT.
CryptoRadar1h ago
