It seems like a bunch of nonsense to me:

> Bitcoin should be at least $150,000 right now and everyone knows it.

Based on what? I'm a fan of Bitcoin, but "should be" is utter nonsense. As is "everyone knows it". HN doesn't, for one.

> Every trading day at 10am Eastern, coinciding with the U.S. stock market open, Bitcoin experienced sudden and sharp sell-offs. The drops were precise, algorithmic, and wildly disproportionate to broader market conditions. They wiped out leveraged long positions, triggered cascading liquidations, and then reversed within hours.

> [...] This happened every day, day after day.

If these swings are so predictable, why isn't everyone else getting wildly rich off them at the expense of Jane Street?

> Selling into thin order books at the open would depress the price, trigger liquidation cascades among leveraged traders, and create buying opportunities at lower levels. The firm could then re-enter at the bottom of a move it had manufactured.

Yea well don't be overlevered on Bitcoin I guess?

> Simultaneously, the firm boosted its holdings of MicroStrategy stock by 473%, accumulating 951,187 shares worth roughly $121 million

> Basically, Jane Street has direct access to the pipe that connects the Bitcoin ETF to actual Bitcoin, and almost nobody else does.

You too can buy and sell MSTR and BTC.

> In either scenario, the firm has every incentive to use its privileged position as authorized participant to suppress the spot price, trigger liquidations, and harvest the spread.

Yea well don't be overlevered on Bitcoin I guess?

> In other words, the 21M cap only works if the market sitting on top of it is honest.

No. Hell no.

> It has been accused of running algorithmic sell programs that suppressed Bitcoin's price for months.

Cheap Bitcoin sponsored by Jane Street. Cry me a river.