Jane Street accused of influencing Bitcoin ETF price mechanism; analysts say it's a structural issue

2026-02-26 03:01:46

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According to Mars Finance, 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 like futures when creating or redeeming shares, and may delay buying or selling BTC in the spot market during settlement periods, causing ETF capital inflows and spot buying to be out of sync. Since Bitcoin futures are often in a contango market, APs tend to hedge with futures and earn basis gains, leading to ETF expansion but limited support for spot buying, with price discovery shifting more to the futures market. Interviewed institutions emphasize that this mechanism is legal and common in the ETF industry.

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