During a recent appearance on the “What Bitcoin Did” podcast, Galaxy research Alex Thorn rejected the idea that the price of Bitcoin crashed due to the shenanigans of infamous quantitative trading firm Jane Street.
At the same time, he thinks that Wall Street negativity on Bitcoin is “real but wrong.”
“Twitter cope”
Following the Terraform lawsuit, which accuses the New York-headquartered firm of insider trading, Bitcoiners found a new villain
HOT Stories
Ripple CEO Urges Banks to Act in Good Faith
Crypto Market Review: Bitcoin’s $70,000 Guarded Like Treasure, Will Shiba Inu Have Bullish March? Ethereum Breaks Above 100-Day Threshold
They started alleging that Jane Street was behind the 2022 cryptocurrency winter. Some even went as far as assuming that the trading giant is the reason why the price of Bitcoin is currently not at $150,000
Some alleged that the firm, which acts as an authorized participant for spot Bitcoin ETFs, was running an algorithm that would constantly suppress the price of Bitcoin. Some noticed that the price of BTC would constantly drop around 10 AM ET (U.S. stock market open).
Bitwise advisor Jeff Park recently stated that a specific regulatory loophole would give Jane Street a unique advantage that would make it possible to manufacture short ETF shares at will
However, multiple theories dismissed the theory as unfounded, and Thorn is in their camp
Thorn has stated that the recent conspiracy theory is just “straight-up Twitter cope” and “a manufactured” controversy
“There’s, you know, a market making firm, a quant trading firm, they’re very often, you know, in a trade like this, most commonly they’re probably trading it neutral, delta neutral. So they’re doing the basis trade or some kind of arbitrage or hedge, right?.. So, what is what do we think the actual incentive would be for them to suppress the price?” Thorn said during the podcast appearance.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
The Crypto Fear and Greed Index drops to 14, and the market remains in extreme fear
Gate News message, April 9, according to Alternative data, today’s Crypto Fear and Greed Index is 14 (yesterday was 17), and the market remains in extreme fear. The index ranges from 0-100 and provides a composite assessment of six indicators: volatility (25%), market trading volume (25%), social media buzz (15%), market surveys (15%), Bitcoin’s share of the entire market (10%), and Google trending topic analysis (10%).
GateNews37m ago
Historic Bitcoin Indicator Turns Red: Is This the Last Crash Before a New Crypto Supercycle? Top 5 Coins to Consider
Based on prior cycles, this signal appears after most bear market damage is done — making Q2 and Q3 of 2026 a historically notable window for long-term participants.
AVAX, ADA, and LINK are experiencing meaningful institutional and technical development not yet reflected in depressed market
CryptoNewsLand1h ago
Bitcoin Whale Sends $20M in BTC to Binance, Hinting at Possible Sale
A bitcoin whale transferred 300 BTC worth over $20 million to Binance, prompting speculation about a potential sale. Despite this move, the wallet still holds 200 BTC, currently valued around $13.8 million, suggesting the owner may face losses.
CryptoNewsFlash3h ago
