According to Decrypt, market speculation around Jane Street has once again sparked discussions about the trading mechanism of Bitcoin spot ETFs. Analysts point out that the shares of a spot ETF can be redeemed and issued by authorized participants (AP) under a regulatory exemption framework, and do not necessarily require the immediate buying and selling of Bitcoin on the open market; in cases of futures contango, APs may also hedge and offset positions through derivatives such as futures, leading to a time lag between ETF capital inflows and spot buying, as well as short-term price movements. The report cites industry insiders as saying that the above mechanism is a common and legitimate operation method for ETFs, and does not directly imply misconduct by a single institution, but also reflects that Bitcoin price discovery is increasingly influenced by institutional trading venues (such as futures markets).