Glassnode co-founders reignite theory of Jane Street-led BTC sell-offs

Negentropic, the shared X account of Glassnode co-founders Jan Happel and Yann Allemann, has reignited a controversy surrounding alleged BTC selling pressure from U.S. market-making giant Jane Street. The theory posits that Jane Street orchestrated price drops through algorithmic selling at 10 a.m. U.S. time each day. This narrative is linked to a recent lawsuit filed by the bankrupt developer of Terra, Terraform Labs, against Jane Street over the collapse of TerraUSD (UST) and Luna (LUNA). Proponents of the theory claim that once the suit was filed, the selling pressure ceased and BTC began to rebound. Negentropic emphasized that the Bitcoin flash crashes, which had been occurring daily at 10 a.m., miraculously disappeared once the lawsuit became public. Jane Street has previously dismissed such claims as baseless.