Justin Bechler posted that Jane Street, as an authorized participant and liquidity provider for Bitcoin ETFs (like BlackRock's IBIT), leveraged its market position to sell BTC at the U.S. stock market open (10 AM ET). This allegedly triggered a chain reaction: price drops → leveraged long positions liquidated → further price drops → Jane Street buys back at low prices. Estimated profits are in the millions of dollars daily, accumulating to billions over time. It’s claimed this continued from Q4 2025 to early 2026, intensifying particularly after November. The post states that once Jane Street was sued, this behavior immediately stopped, seen as "proof of manipulation.