CoinWorld.net February 26 News, as Bitcoin recently rebounded by about 10%, the market is linking the trend to a lawsuit involving quantitative trading firm Jane Street, speculating that the disappearance of its selling pressure pattern is pushing prices higher. Analysts point out that authorized participants (APs) in spot Bitcoin ETFs can hedge through derivatives such as futures when creating and redeeming shares, and delay buying and selling BTC in the spot market during the settlement period, leading to asynchronous ETF capital inflows and spot buying. Since Bitcoin futures are often in a contango market, APs tend to hedge with futures and earn basis gains, causing ETF size to expand but providing limited support for spot buying, with price discovery shifting more to the futures market. Interviewed institutions emphasize that this mechanism is legal and widely used in the ETF industry.