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- Jane Street-linked wallets deposited about $19M in Bitcoin to institutional exchanges.
- The move revived debate over the controversial “10 a.m. slam” market pattern.
- Analysts remain divided on whether institutional activity actually impacts Bitcoin’s price.
A fresh wave of Bitcoin transfers tied to the trading giant Jane Street is drawing renewed attention from the crypto community. On-chain data shows that wallets associated with the firm recently deposited roughly 270 BTC—worth about $19 million—into institutional exchanges, sparking debate over whether the move could influence Bitcoin’s price near the U.S. market open.
The transfers occurred around 10 a.m. UTC, a timing that immediately caught traders’ attention due to its overlap with a long-discussed market pattern that some analysts have nicknamed the “10 a.m. slam.”
Large Bitcoin Deposits Flagged by On-Chain Analysts
Blockchain tracking firm Lookonchain reported that Jane Street-linked wallets sent Bitcoin to institutional trading venues including Bullish and LMAX Digital.
According to additional on-chain data from Arkham Intelligence, the transfers were split across multiple transactions. Roughly 275 BTC moved to one address, while another 94.76 BTC was sent to LMAX Digital, all within a short timeframe.
Crypto trader Ted Pillows highlighted that the deposits totaled just under $19 million, while influencer Ash Crypto publicly questioned whether the activity could signal renewed market pressure.
The “10 a.m. Slam” Theory Explained
For months between late 2025 and early 2026, traders noticed a recurring pattern where Bitcoin often fell sharply around the U.S. market open.
Some market observers speculated that Jane Street, acting as an authorized participant for BlackRock’s spot ETF iShares Bitcoin Trust (IBIT), might have been algorithmically selling Bitcoin during this period. The theory suggested that the activity contributed to Bitcoin’s decline from around $125,000 to nearly $62,000 during that stretch.
The pattern appeared to fade after a legal development earlier this year. In February, the bankruptcy administrator for Terraform Labs filed a lawsuit accusing Jane Street of insider trading linked to the 2022 Terra ecosystem collapse. Shortly after the filing became public, traders observed that the daily selling pattern seemed to disappear and Bitcoin rallied toward $70,000.
Disagreement Over Market Manipulation Claims
Despite widespread speculation, there is no consensus that manipulation occurred.
Jane Street has strongly rejected the allegations, describing the Terraform lawsuit as opportunistic and unfounded. Analysts have also pushed back against the theory.
Economist Alex Kruger argued that price movements around the U.S. market open closely mirrored Nasdaq performance, suggesting broader market correlation rather than deliberate Bitcoin selling.
Meanwhile, CryptoQuant research head Julio Moreno said activity from ETF authorized participants is typically delta-neutral trading, a standard market-making practice designed to hedge exposure rather than move prices.
Bitcoin Slips Below $70K
At the time of writing, Bitcoin is trading around $69,998, down about 3.15% over the past 24 hours.
Also Read: Pump.fun Moves $3.5M in PUMP Tokens — But Bitcoin FOMO Near $70K Is Stealing the Spotlight
Whether Jane Street’s latest $19 million deposit is connected to the recent price decline remains unclear. For now, traders are watching closely to see if the controversial “10 a.m. slam” pattern reappears—or if the transfers turn out to be routine institutional trading.
Large institutional Bitcoin movements often trigger speculation, especially when timing aligns with historical trading patterns. While Jane Street’s recent transfers have reignited manipulation theories, evidence remains inconclusive. As institutional activity continues to shape crypto markets, transparency from on-chain data will likely remain a key tool for traders trying to interpret these signals.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
