Bitcoin Did Not Crash Because of Jane Street, Galaxy Research Says

Cover image via www.freepik.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. 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. Advertisement 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. Advertisement 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). You Might Also Like Wed, 11/05/2025 - 19:17 Galaxy's Head of Research Dramatically Lowers BTC Price Target for 2025 By Alex Dovbnya 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. Advertisement 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. #Bitcoin Price Prediction