Cryptocurrency markets experienced a rare “revenge rally” last night (25th), with market capitalization surging by over $170 billion in a single day. Rumors suggest that this sharp upward movement is not merely a technical rebound but the sudden exit of long-standing “invisible selling pressure” that has been overshadowing the market. Analysts believe that as Wall Street quant trading giant Jane Street became involved in an insider trading lawsuit, their automated trading program—which reportedly “dumped stocks at fixed times daily”—was forced to pause. The selling pressure that had suppressed the market for months suddenly vanished, igniting a long-overdue violent rebound.
According to data from CoinGecko, the total global cryptocurrency market cap increased by about 8% in one day, approaching the $2.5 trillion mark. Bitcoin briefly broke through $69,000, Ethereum surged over 13%, and Solana (SOL) gained more than 15%, indicating a clear shift to a more optimistic market sentiment.
This strong rally coincided with the breaking of a “crypto curse”: the large-scale sell-offs that used to occur almost daily at 10 a.m. Eastern Time (11 p.m. Taipei Time) suddenly stopped after Jane Street was implicated in insider trading.
Crypto commentator Bark posted on social platform X: “For the past few months, Jane Street has been systematically dumping at 10 a.m. every day using algorithms.”
Day after day, relentlessly suppressing prices and triggering forced liquidations among retail investors, only to buy back on dips. But after their indictment, this behavior ceased. The “10 a.m. dump” phenomenon disappeared, and Bitcoin experienced its best day in months.
On-chain analyst Nonzee shared the same view: “For months, 10 a.m. only meant one thing: Jane Street was unloading. Yesterday, they were accused of insider trading; this morning, Bitcoin not only didn’t fall but skyrocketed.”
Although there is no concrete public evidence yet to confirm that Jane Street was systematically selling off at fixed times daily, the timing of this rebound is too coincidental, sparking lively discussion within the crypto community.
This lawsuit, which has ignited widespread discussion in the crypto space, was formally filed earlier this week by the bankruptcy trustee of Terraform Labs. According to The Wall Street Journal, the complaint alleges that Jane Street used non-public information obtained from Terraform Labs to conduct insider trading and profit before the market collapse.
Looking back to 2022, the “death spiral” of Terra-Luna was widely seen as the key trigger that sparked the subsequent long crypto winter. More recently, Bitcoin reached a historic high of over $120,000 in October last year but then slid down a slippery slope, even briefly falling below $65,000, until this week’s noticeable rebound.
Regarding this “clear-sky” market sentiment, Bloomberg senior ETF analyst Eric Balchunas described on X: “The bogeyman has disappeared. That’s the atmosphere currently conveyed by the crypto community and today’s price movements.”
But at the same time, he posed a thought-provoking question:
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