Every day before and after the opening of the US stock market at 10 o'clock sharp, it turned out to be not a coincidence, but Jane Street's daily schedule. As authorized participants of spot Bitcoin ETFs such as IBIT, they enjoy a privileged channel: they can directly create/redeem ETF shares with real BTC, while we retail investors can only be repeatedly harvested in the secondary market. Even more sinister is that they hide a huge amount of undisclosed derivative positions (futures, options, total yield swaps, etc.) off chain - these 'shadow bitcoins' completely bypass the 21M hard top, creating a financial illusion of unlimited supply. On the surface, it is scarce, but in reality, it is infinitely diluted by additional issuance. The mechanism is naked: 1. The algorithm sold a large amount of spot/ETF shares at around 10 AM ET, causing a sharp drop of 2-3%. 2. Precise hunting of leveraged long positions (PERP burst tide), while triggering spot FUD selling pressure. 3. Low level replenishment+derivative hedging, earning almost risk-free delta neutral profits. 4. The real price of BTC is systematically suppressed, and the 21M hard top is completely ineffective at the financial level. This is not smart money hedging, this is classic structural parasitism+price manipulation. Wall Street parasites treat Bitcoin as an ATM, while retail investors and leveraged players are like leeks. Thank you @ 1914ad for tearing open this layer of fig leaf. The article makes people feel both passionate and angry. Wake up: Mandatory Proof of Reserves (on chain public audit) for all ETF/custodian institutions. Don't fantasize about regulatory intervention anymore - regulation and Wall Street are already in cahoots. The only reliable antidote: self custody+only buy spot BTC, stay away from any derivative/leveraged products with "shadow supply". Parasites get out of the Bitcoin ecosystem! Re price true scarcity. 21M is not a marketing slogan, it's a physical limit. Don't let financial engineering continue to steal it. Who still thinks that 'institutional entry is a good thing'? Open your eyes and see what they're doing. Original link: https://(x.com)/1914 ad/status/202675779630449382