[Speculation on Jane Street Market Manipulation Sparks Bitcoin ETF Mechanism Discussion] BlockBeats News, February 26: Speculation surrounding Jane Street has once again sparked discussions about the trading mechanisms of Bitcoin spot ETFs. Analysts pointed out that the creation and redemption of spot ETF shares can be completed by authorized participants (APs) under a regulatory exemption framework, which does not necessarily require the immediate buying and selling of Bitcoin on the open market. In cases such as futures premiums, APs may also hedge and arbitrage through derivatives like futures, leading to a time lag between ETF fund inflows and spot buying activity, as well as short-term price performance. The report, citing industry insiders, stated that the above mechanism is a common and legal operational method for ETFs and does not directly imply improper behavior by any single institution. However, it also reflects that Bitcoin price discovery is increasingly influenced by institutional trading venues (such as the futures market). (Decrypt)