According to Analysts, the Pattern That Has Been Dragging Bitcoin Down for Months Has Disappeared: “This is the Reason for the Recent Rise!”

Bitcoin ($BTC) and altcoins have surged after a long period, adding more than $170 billion to the cryptocurrency market capitalization.

Analysts argue that this recovery stems from a lawsuit accusing Jane Street of insider trading. They suggest that the recent rise may be due to a reduction in the risks associated with Jane Street.

According to market claims, Jane Street, a leading US market maker, has been causing the $BTC price to fall every morning at 10:00 AM Eastern Time (shortly after US stock markets open) through algorithmic selling.

These allegations were reignited the day before when Terraform Labs sued Jane Street over the decline in TerraUSD (UST) and Luna (LUNA).

Following this case, it is claimed that the sudden drop pattern that occurred at 10:00 AM shortly after the US stock market opened disappeared and the Bitcoin price recovered.

Crypto commentator Bark wrote from his X account: “Jane Street was running an algorithm that was driving down Bitcoin every morning at 10 AM. This went on for months. It was driving the price down, liquidating retail investors, and buying it back at a lower price. This cycle repeated itself. But as soon as the lawsuit was filed, it stopped. The 10 AM drop disappeared. Now Bitcoin is having its best day in months.”

Renowned macro analyst Roberto Rios also supported this view, stating: “For the first time since the lawsuit was filed, Bitcoin did not immediately fall after the US market opened. The price recovered as selling pressure eased. And as a result, Bitcoin may finally be free.”

Yann Allemann (Negentropic), co-founder of Glassnode, said, “Since the Jane Street case became public, the Bitcoin price drop that used to occur every morning at 10 a.m. has miraculously disappeared.”

While it has been noted that a significant wave of Bitcoin selling occurred around 10:00 ET in the market over the past few months, and that these sales suddenly stopped after the lawsuit was announced, there is no clear public evidence that Jane Street systematically conducted Bitcoin sales at this fixed time.

Amidst these developments, Jane Street deleted all posts from its official X account following allegations of market manipulation.

*This is not investment advice.