Jane Street Speculation Renews Scrutiny of Bitcoin ETF Market Mechanics

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that Bitcoin’s roughly 10% climb over two days coincided with the disappearance of a purported intraday selling pattern, suggesting that legal action against Jane Street had altered market behaviour.Analysts and ETF specialists, however, said the focus on a single firm obscures a more complex set of market mechanics underlying how spot Bitcoin ETFs operate.Bitcoin ETFs track the asset's spot price, but the creation and redemption process allows institutional middlemen to meet demand without having to buy or sell Bitcoin on public exchanges.Jeff Park, chief investment officer at ProCap and an adviser to ETF issuer Bitwise, said Wednesday the debate reflects a misunderstanding of ETF market structure rather than evidence of manipulation. In a screenshot post on X, Park outlined how large trading firms responsible for creating and redeeming ETF shares, known as authorized participants, operate under regulatory exemptions that allow them to meet ETF demand without mechanically forcing immediate spot Bitcoin purchases.Park said those exemptions, which apply to all authorized participants, are designed to support orderly ETF market-making, but can create a “grey window” in which ETF share creation, hedging activity, and spot market transactions are not tightly linked in time.As a result, ETF inflows do not always translate into immediate buying pressure in the spot Bitcoin market, weakening the assumption that ETF demand directly maps to spot price movements.Crypto Funds Shed $4B Across Five-Week Negative StreakRyan McMillin, chief investment officer at crypto fund manager Merkle Tree Capital, told Decrypt the structure also creates incentives that favour derivatives over spot markets. Because Bitcoin futures frequently trade at a premium to spot prices in a condition known as contango, authorized participants may hedge exposure using futures while earning carry from the basis, he said.“ETF assets under management balloons without forcing exchange buys, muting rallies below key levels where hype would otherwise push prices higher in a flywheel,” McMillin said. McMillin added that when futures positions are reduced, either due to macro shifts or narrowing spreads, the adjustment can amplify price swings, contributing to sharp pullbacks that appear sudden to retail investors.條款 及 私隱政策Privacy & Cookie SettingsMore InfoS&P Futures6,863.75 -56.25 (-0.81%)Dow Futures49,030.00 -501.00 (-1.01%)Nasdaq Futures24,852.00 -229.00 (-0.91%)Russell 2000 Futures2,642.90 -37.70 (-1.41%)VIX21.18 +2.55 (+13.61%)Gold5,232.10 +37.90 (+0.73%)熱門股票代號NFLX Netflix, Inc. 84.59 +1.88 (+2.28%)XYZ Block, Inc. 54.53 +2.59 (+4.99%)BTC-USD Bitcoin USD 66,285.39 -1,626.85 (-2.40%)DUOL Duolingo, Inc. 117.45 +5.80 (+5.19%)CRWV CoreWeave, Inc. 97.63 -0.38 (-0.39%)投資組合登入存取你的投資組合登入最大升幅SEZL Sezzle Inc. 84.70 +22.08 (+35.26%)LMAT LeMaitre Vascular, Inc. 113.69 +22.31 (+24.41%)FA First Advantage Corporation 11.69 +2.17 (+22.79%)IONQ IonQ, Inc. 40.88 +7.29 (+21.70%)HPP Hudson Pacific Properties, Inc. 7.69 +1.33 (+20.91%)最大跌幅EOSE Eos Energy Enterprises, Inc. 6.74 -4.39 (-39.44%)ACMR ACM Research, Inc. 57.04 -11.43 (-16.69%)FOUR Shift4 Payments, Inc. 48.41 -8.96 (-15.62%)FSK FS KKR Capital Corp. 11.29 -2.03 (-15.24%)MIRM Mirum Pharmaceuticals, Inc. 92.19 -16.43 (-15.13%)最活躍NVDA NVIDIA Corporation 184.89 -10.73 (-5.49%)EOSE Eos Energy Enterprises, Inc. 6.74 -4.39 (-39.44%)NU Nu Holdings Ltd. 15.06 -1.59 (-9.55%)PLUG Plug Power Inc. 1.9100 0.0000 (0.00%)AAL American Airlines Group Inc. 13.94 +0.62 (+4.65%)主要經濟數據業績公佈我的業績公佈