THE 10 AM DROP: HOW JANE STREET BROKE BITCOIN'S PRICE

Summary from the TLDR newsletter

Beginning in late 2024 and accelerating through 2025, Bitcoin's price experienced sudden and sharp sell-offs every trading day at 10 AM Eastern, coinciding with the US stock market open. The drops were precise, algorithmic, and wildly disproportionate to the broader market conditions. They wiped out leveraged long positions, triggered cascading liquidations, and then reversed within hours. These dumps stopped the moment Jane Street had lawyers looking over its shoulder due to the Terraform Labs lawsuit, and they started again in Q3 2025 when the heat died down.