> Be Jane Street Capital > one of the most powerful trading firms on Wall Street > quietly controls the infrastructure of Bitcoin's price Thread 1: The Intern > Bryce Pratt works as intern at Terraform Labs > leaves Terraform, joins Jane Street full-time in September 2021 > creates a private chat group called "Bryce's Secret" > allegedly passes material nonpublic information from Terraform to Jane Street > May 7, 2022: Terraform withdraws $150M in TerraUSD from Curve3pool > no public announcement made > within ten minutes: a wallet linked to Jane Street pulls $85M from the same pool > combined selling breaks UST's dollar peg > Luna's algorithmic mechanism spirals > $40 billion in market value destroyed > retail investors wiped out >Jane Street avoids $200M+ in losses by exiting hours before the collapse > federal lawsuit filed in Manhattan by Terraform's bankruptcy administrator > Jane Street calls it "desperate" and "baseless" > Do Kwon is now serving 15 years in prison Thread 2: The Clock > late 2024: traders start noticing something strange > every single trading day, at exactly 10am Eastern Bitcoin flash crashes > algorithmic, precise, disproportionate to any market news > leveraged longs get wiped > liquidation cascades triggered > price recovers hours later > Glassnode co-founders document the pattern across months of data > December charts: Bitcoin drops from $89,700 to $87,700 in minutes > $171 million in long positions erased > happens again the next day and the next > Jane Street is a designated market maker and authorized participant for multiple Bitcoin ETFs > has the inventory and infrastructure to sell at scale into predictable thin liquidity windows > depresses price → triggers liquidations → re-enters at the bottom of a move it manufactured > then: Terraform lawsuit becomes public > the 10am crashes stop immediately > Bitcoin stabilizes > the pattern resumes in Q3 2025 > by December: back at full force > stops when lawyers are watching > starts again when they look away Thread 3: The Machine > Q4 2025 13F filing: Jane Street discloses 20,315,780 shares of BlackRock's IBIT > worth approximately $790 million > added $276 million worth in a single quarter > at peak: position worth nearly $2.5 billion > simultaneously boosts MicroStrategy holdings by 473% > crypto press celebrates it as bullish institutional accumulation > people who understand market structure immediately push back > former hedge fund manager Michael Green: the IBIT position "is almost entirely offset by undisclosed options and futures positions" >former prop trader Ryan Scott: "anyone posting this as bullish is committing a capital offense" here is why: > a 13F filing only discloses long equity positions options, futures, and swaps do not need to be reported >if Jane Street holds $790M in IBIT and offsets it with $790M in puts or short futures, net Bitcoin exposure is zero > if the derivative book exceeds the equity position, net exposure is negative > meaning Jane Street profits when Bitcoin's price falls the public sees accumulation > the actual position could be a massive short disguised as a long > nobody outside the firm can see the other side of the balance sheet The Precedent > 2025: India's SEBI publishes a 105-page enforcement order against Jane Street > coordinated manipulation of BANKNIFTY index options > ₹36,502 crore (~$4.3 billion) in profits extracted over two years > ₹735 crore extracted in a single trading day > SEBI: "clearly illegal in any country with a functioning financial regulator" strategy: use privileged speed and scale to move one market, harvest profits in the derivative layer on top > interim trading restrictions issued the question becomes unavoidable: does the same logic apply to Bitcoin? The Hard Cap Bitcoin's 21 million cap is enforced at the protocol level > it assumes price discovery is honest > it assumes institutional positions represent real exposure Jane Street can fabricate unlimited synthetic supply through undisclosed derivatives stacked on top of its own ETF inventory > the scarcity is real inside the network > the price discovery mechanism sitting above it has been compromised > one firm holds the keys to the ETF infrastructure > faces a federal lawsuit for front-running a $40 billion collapse > ran algorithmic sell programs for months > maintains a derivative book that could make its largest disclosed position the opposite of what it appears Every Bitcoin holder deserves one answer: What is Jane Street's actual net position? Until we know, Jane Street decides the price of Bitcoin.