Jane Street has been accused of influencing the pricing mechanism of the Bitcoin ETF, which analysts say is a structural problem.

PANews reported on February 26th that, according to Decrypt , Bitcoin's recent approximately 10% rebound has been linked to a lawsuit involving quantitative trading firm Jane Street , with speculation that the disappearance of its selling pressure pattern has driven up prices. Analysts point out that Authorized Participants ( APs ) in spot Bitcoin ETFs can hedge their creation and redemption through derivatives such as futures, and delay buying and selling BTC in the spot market during the settlement period, resulting in a mismatch between ETF inflows and spot buying. Since Bitcoin futures are often in a contango market, APs tend to use futures to hedge and earn basis profits, leading to an expansion of the ETF's size but limited support for spot buying, with price discovery shifting more towards the futures market. Interviewed institutions emphasized that this mechanism is legal and prevalent in the ETF industry.