Bitcoin "Big Boss" retreats! After Jane Street was sued, the "10 o'clock dump" curse surprisingly lifted

Cryptocurrency markets experienced a rare “revenge rally” on the evening of the 25th, with market capitalization surging by over $170 billion in a single day. Rumors suggest that this sharp upward movement is not merely a technical rebound but the sudden exit of an “invisible selling pressure” that has long overshadowed the market. Analysts believe that as Wall Street quant trading giant Jane Street became involved in an insider trading lawsuit, their automated trading program—which reportedly “dumped assets at fixed times daily”—was forced to pause. The selling pressure that had suppressed the market for months suddenly vanished, igniting a long-awaited violent rebound.

According to data from CoinGecko, the total global cryptocurrency market cap increased by about 8% in one day, approaching the $2.5 trillion mark. Bitcoin temporarily broke through $69,000, Ethereum surged over 13%, and Solana (SOL) gained more than 15%, indicating a clear shift in market sentiment.

This strong rally coincided with the breaking of a “crypto curse”: the large-scale sell-offs that almost always occurred around 10 a.m. Eastern Time (11 p.m. Taipei Time)—a phenomenon that had been consistent until Jane Street’s alleged insider trading incident caused it to suddenly stop.

Crypto commentator Bark posted on social platform X: “For the past few months, Jane Street has been systematically dumping assets every morning at 10 a.m. through algorithms.”

Day after day, they ruthlessly suppressed prices, triggering forced liquidations among retail investors, only to buy back at lower prices. But after their indictment, this behavior ceased. The ‘10 a.m. dump’ phenomenon disappeared, and Bitcoin experienced its best day in months."

On-chain analyst Nonzee shared the same view: “For months, 10 a.m. simply meant one thing: Jane Street was unloading. Yesterday, they were accused of insider trading; today at 10 a.m., Bitcoin not only didn’t fall but surged sharply.”

Although there is no concrete public evidence yet to confirm that Jane Street has been systematically selling off at fixed times daily, the timing of this rebound is too coincidental, sparking lively discussion within the crypto community.

This lawsuit, which has ignited widespread discussion in the crypto world, was formally filed earlier this week by the bankruptcy trustee of Terraform Labs. According to The Wall Street Journal, the complaint alleges that Jane Street used non-public information obtained from Terraform Labs to conduct insider trading before the market collapse.

Looking back to 2022, the “death spiral” of Terra-Luna was widely seen as the key trigger that sparked the subsequent long crypto winter. More recently, Bitcoin reached a historic high of over $120,000 in October last year but then slid down a slippery slope, even dropping below $65,000 at one point, until a clear rebound occurred this week.

Regarding this “clouds parting” market sentiment, Bloomberg senior ETF analyst Eric Balchunas described on X: “The bogeyman is gone. That’s the atmosphere currently conveyed by the crypto community and today’s price movements.”

But at the same time, he posed a thought-provoking question: