Monad co-founder: The conspiracy theory that Jane Street suppressed Bitcoin below $150,000 is unfounded.

Monad co-founder Keone Hon stated in an article on the X platform that the conspiracy theory that Jane Street suppressed Bitcoin to below $150,000 is unfounded. Hedging a short IBIT position with long futures means that, on average, other parties will eventually hold short futures positions, which they must hedge with long spot positions. The sum of all positions in the market (converted to delta) always equals the total supply of Bitcoin (approximately 20 million). Of course, any party can unilaterally decide to short, thereby increasing their long positions. This is the case in all perpetual contract markets, but it is irrelevant to IBIT or APs.