Author: Bull Theory, Crypto Analyst; Translated by: Jinse Finance
Today, Bitcoin wiped out 16 hours of gains within just 20 minutes of the US stock market opening.
Since early November, Bitcoin has almost always fallen after the US stock market opens. The same thing happened in the second and third quarters.
zerohedge has pointed this out multiple times and believes Jane Street is the most likely manipulator behind it.
Observing the chart, you will find that this pattern is too consistent to ignore: the price plummets within an hour of opening, followed by a slow recovery. This is a typical high-frequency trading technique.
The image shown (link to image) also matches their characteristics: Jane Street is one of the world's largest high-frequency trading firms. They possess the speed and liquidity to influence market movements within minutes. Their operations appear simple: 1. Sell Bitcoin at the open. 2. Push the price to a liquid area. 3. Buy back at a lower price. 4. Repeat daily. In this way, they accumulated billions of dollars worth of Bitcoin. Currently, Jane Street holds $2.5 billion worth of BlackRock IBIT ETF, making it one of IBIT's top five holdings. This means that Bitcoin's plunge was not due to a weak macroeconomy, but rather the result of manipulation by a large institution. Once these big players stop buying, Bitcoin will continue to rise.
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