For the first time in history: a market maker has surpassed all Wall Street banks. Jane Street's net trading revenue in 2025 hit $39.6 billion, 11% more than JPMorgan. You might have heard about this company not too long ago: Back in late February, a report analyzed how $BTC was consistently dumped at 10 AM Beijing time every day, allegedly driven by its algorithm. Now, let's look at its curve over the past 5 years: 2021: $10 billion 2022: $17 billion (volatility bonus post-pandemic) 2023: $21.5 billion 2024: $21 billion 2025: $39.6 billion ← doubled The turning point was January 2024, when the BTC spot ETF launched. From then on, it transformed from a "highly profitable market maker" into a dual powerhouse dominating both U.S. stocks and crypto. Every intraday price swing you've ever seen might just have its fingerprints behind it.