[Monad Co-Founder Denies 'Jane Street Suppressing Bitcoin Below $150,000' Theory] On February 26, Monad co-founder Keone Hon responded to market speculation regarding the theory that 'Jane Street's shorting prevented Bitcoin from rising to $150,000,' stating that this conspiracy theory is unfounded. He explained that by shorting the iShares Bitcoin Trust (IBIT) and hedging through long Bitcoin futures, there must be other market participants holding short futures positions and hedging through spot trades. From the perspective of Delta exposure, the total market positions always equal the total supply of Bitcoin, and the shorting behavior of a single participant merely reflects the structural characteristics of the perpetual contract market, unrelated to IBIT or the authorized participant mechanism. He argued that attributing Bitcoin's price movements to the operations of individual market-making institutions overlooks the overall hedging structure and the supply-demand balance mechanism of the market.