Recently, a wallet associated with Jane Street transferred a total of $19 million in Bitcoin to an institutional-grade crypto exchange, drawing widespread attention from the market. According to on-chain data analysis platform Arkham, the transfer was executed in multiple transactions, including one transfer of 275 BTC to a single address and another of 94.76 BTC to LMAX Digital, all completed within a few hours.
This move has reignited discussions in the crypto community about the "10 AM slam" phenomenon. Since the second half of 2025, Bitcoin has experienced rapid short-term pullbacks around 10 AM Eastern Time, a pattern traders have dubbed the "10 AM slam." Some observers have linked this pattern to Jane Street's trading activities, suggesting that the firm may be applying price pressure during opening hours using high-frequency trading strategies.
However, this claim has yet to receive conclusive evidence. Jane Street has officially denied allegations of market manipulation, calling the related lawsuits "baseless and speculative." CryptoQuant's research director, Julio Moreno, also pointed out that the trades executed by Jane Street as an authorized participant are standard Delta-neutral strategies that align with industry norms and do not violate regulations.
As of the time of publication, Bitcoin's price has fallen below $70,000, currently reported at $69,998, down 3.15% in the last 24 hours. While the timing of the fund inflow coincides with the price drop, there is currently no direct evidence to suggest a causal relationship between the two. Market participants are closely monitoring subsequent developments to determine whether this signals the onset of a new volatility cycle.