Bitcoin, Ethereum, and Solana Rally Sharply as “10 a.m. Dump” Speculation Fades
- Total crypto market cap: +8% to ~$2.5 trillion (+$170 billion in 24 hours)
- Bitcoin (BTC): briefly topped $70,000, strongest single-day gain in weeks
- Ethereum (ETH): +13%+
- Solana (SOL): +15%+
The rebound snapped a prolonged slide that had pushed BTC down from October highs above $120,000 to below $65,000 earlier in the week.
The “10 a.m. Dump” Narrative Takes Center Stage
Crypto commentators and on-chain watchers widely attributed Wednesday’s surge to the apparent disappearance of a long-observed pattern of heavy selling pressure around 10:00 a.m. Eastern time.
Popular X accounts claimed:
“Jane Street was running an algorithm that dumped Bitcoin every single morning at 10 a.m. Every day. For months. Crashing the price. Liquidating retail. Buying back lower. Rinse and repeat.” — Bark (crypto commentator)
“The second they got sued, it stopped. The 10 a.m. dump disappeared. Now Bitcoin just had the best day in months.”
On-chain analyst Nonzee echoed:
“For months, 10 a.m. meant one thing: the Jane Street dump. Yesterday, they got hit with an insider trading lawsuit. Today at 10 a.m.? Bitcoin rips higher instead.”
Bloomberg ETF analyst Eric Balchunas summarized the sentiment on X:
“The bogeyman is gone. That’s the vibe right now on crypto Twitter and in the price action today. Is eliminating it enough for a sustained rebound? I guess we’ll find out.”
Important note: There is no public evidence confirming Jane Street systematically sold Bitcoin at a fixed daily time. The theory remains speculative and community-driven.
Link to the Terraform Labs Lawsuit
The timing aligns with a lawsuit filed earlier this week by Terraform Labs’ liquidation administrator Todd Snyder against Jane Street, co-founder Robert Granieri, and employees Bryce Pratt and Michael Huang.
The complaint alleges Jane Street used non-public information from Terraform insiders to front-run trades during the Terra-Luna collapse in 2022 — an event that erased $40 billion+ in value and triggered widespread contagion.
Jane Street has denied the allegations, calling the collapse a “multibillion-dollar fraud” by Terraform management and vowing to fight the claims.
Broader Market Context
- Crypto markets had been under pressure from profit-taking, leveraged liquidations, and macro uncertainty.
- Wednesday’s rally occurred as Fear & Greed Index climbed from extreme fear levels.
- Analysts remain cautious: Nick Ruck (LVRG Research) called it “short-term relief” rather than a fundamental reversal, pending sustained ETF inflows and macro clarity.
Quick Investor Checklist
- Watch: Continued ETF flow data (SoSoValue, Farside), Jane Street lawsuit developments, macro catalysts (FOMC minutes, Powell speeches)
- Levels: BTC support ~$65,000–$68,000; ETH ~$2,000
- Risk: Any resumption of heavy selling (whether real or perceived) could reverse gains quickly
The market is now testing whether the pause in alleged “10 a.m. dumps” was the primary driver — or if broader sentiment and institutional flows can sustain the move.
Stay tuned for tomorrow’s ETF flow numbers and any fresh lawsuit updates.
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