[Jane Street Accused of Influencing Bitcoin ETF Pricing Mechanism, Analysts Cite Structural Issues] According to Decrypt, as Bitcoin recently rebounded by about 10%, the market has linked the price movement to a lawsuit involving quantitative trading firm Jane Street, speculating that the disappearance of its selling pressure pushed prices higher. Analysts pointed out that authorized participants (APs) of spot Bitcoin ETFs can hedge through derivatives such as futures when creating or redeeming shares, and delay buying or selling BTC in the spot market during the settlement period. This results in ETF inflows not being synchronized with spot market buying. Since Bitcoin futures are often in a contango market, APs tend to hedge with futures and earn basis profits, causing ETF size to expand but providing limited support for spot market buying, with price discovery shifting more to the futures market. Interviewed institutions emphasized that this mechanism is legal and commonly exists in the ETF industry.