During this period, Bitcoin's price movement has taken on a new pattern—every time the US stock market opens, it plunges right on cue. Yesterday was even more dramatic: in just 20 minutes, it completely erased the gains of the previous 16 hours. This level of precision has long surpassed what technical analysis can explain.

Just look at the candlestick chart, and it’s clear—the same routine has been repeating nonstop since November: a sell-off at the open, followed by a slow rebound. Market veterans have seen right through it, and well-known analysis firms have already pointed to the main suspect—a global top-tier market maker, Jane Street.

Why focus on them? The reasons are pretty straightforward.

**They have the capability.** Jane Street is one of the world’s largest market makers, controlling massive funds on both the US stock and crypto sides, and their trading speed is off the charts. Liquidity is at its peak during the opening session, so dumping large volumes at the open is effortless for them.

**They also have the motive.** The key point is, they’re market makers for several top Bitcoin ETFs. They’re sitting on $2.5 billion worth of BlackRock’s IBIT ETF in their own holdings. Acting as a market maker while simultaneously buying low and selling high in related markets—it’s a perfect business model.

**And their tactics are textbook.** This is classic high-frequency trading: concentrated selling at the open to drive prices down → trigger panic and stop-losses among retail investors → quietly accumulate at the lows. Repeat this every day, and over time, all those tokens end up in their hands.

Throw in all sorts of macro uncertainties, and this strategy works even better.

For us retail investors, this is the naked reality: the market isn’t just a game for fundamental investors—there’s a group of “physically advantaged” whales arbitraging every day by exploiting rules and speed.

So next time you see a plunge at the open, don’t rush to sell in panic. Once you understand the logic, you’ll realize: it doesn’t mean the bull run is over—it just means another wave of capital is seizing the opportunity. In this kind of market, you either lengthen your time frame to ignore short-term precision strikes, or you have to outsmart your opponents—hard work alone won’t get you anywhere.