This is a long article about Jane Street, a quantitative agency on Wall Street (The 10am Drop). As a retail investor, after reading it, I have gained some new understanding of the current market structure and would like to make a brief summary. The article first mentioned a recent federal insider trading lawsuit against Jane Street. According to court documents, a former Terra intern established an internal communication channel after joining Jane Street. On May 7, 2022, Terra withdrew $150 million in liquidity from the Curve pool, and just 10 minutes later (without public announcement), wallets associated with Jane Street withdrew $85 million from the same pool. In addition to the past Terra events, the article also focuses on the current Bitcoin market. The author points out a phenomenon: in the second half of 2025, there will be frequent and regular "10am sell programs" in the market. The article suggests that Jane Street may be utilizing its large Bitcoin ETF position, in conjunction with undisclosed derivative strategies, to systematically flatten or suppress BTC prices. As a retail investor, this report made me re-examine the actual impact of "institutional entry". When the Bitcoin ETF was first approved, the general expectation in the market was that traditional funds would bring unilateral gains. But the reality is that mature quantitative institutions like Jane Street have much more complex profit models. 4/Institutions hold large amounts of spot chips and derivative tools, and their goal is not necessarily to push up coin prices, but to obtain stable absolute returns through complex hedging, market making, and volatility strategies. In this process, their regular programmatic trading objectively changed the rhythm of the market. 5/Faced with such systematic and severely information deficient institutional counterparties, individual investors actually have no chance of winning in short-term games. Instead of guessing the intention of quantitative algorithms in intraday fluctuations, it is better to reduce trading frequency, return to medium - and long-term cycle judgment, or search for early tracks where institutional funds have not yet been widely covered. This is currently a more practical way of survival. BTC