From Terra to "10x leverage," how does Jane Street compete with the two major exchanges in the Atlantic?

Old text: @peruvian_bull

Editor: Ethan (@ethanzhang_web 3)

Writer’s note: Over the past few months, the special market has formed a kind of stable pattern—every wave of market opening, followed by a wave of clear display. During the European period, the extension of the European market continued, with a slight opening and a rapid rebound. The market is called “10 points rebound.” This market reflects a subtle, unseen conclusion, with repeated clear signals, driven by market sentiment, and a touch of the traders’ confidence.

However, when the official documents of Jane Street regarding the investigation were publicly released, this market shock was immediately suppressed. Is this just a coincidence, or a deeper structural change in the phone call? The process is as described below in Odaily’s detailed analysis.

You have never spoken about the strongest trading companies, so you are caught in the current situation. Twice, the division is in two different hemispheres. Compared to special markets, it seems that this is the result of a certain atmosphere.

Jane Street Group is a major market maker in the chain of trading companies based in Connecticut. They have no CEO.

According to their own statement, they operate like a “non-governmental public company.” By early 2025, they will realize a trading revenue of 240 billion USD, surpassing the total of 2024’s 205 billion USD. By the second quarter of 2025, they will reach 101 billion USD, which is the highest quarterly trading revenue since the market began.

Each of their core positions is the most valuable trading mechanism in the world.

In this market cycle, they are all global top trading firms.

In this period, they are mainly engaged in the market of physical and derivative trading, with a focus on the market of “10 points rebound.”

This market is essentially a new pattern of market shock—since the year, the market has been grinding down the market value of the main stocks.

I am in “The Gold Endgame Begins”: in paper trading, the market can further push up the special market call, and the market can further push up the market prices, which can further promote the price increase.

The fundamental transportation of Gregg Smith and Michael Nowak has been judged to be in the “precious metal” market, with a plan to buy back 8.5 billion USD worth of gold in the market. This plan has been ongoing for 8 years, involving trading in precious metals and digital currencies. The total support from this is 9.2 billion USD, and the resolution is to support 3 billion USD of gold. The peak value of the gold market has reached 25 billion USD.

They also build a large-scale market shell, mainly to suppress the market of other assets and to buy back their own stocks. This is a key channel for their direct entry into the market—also known as AP—an authorized participant, the largest market maker for ETFs.

Their 13F filings also confirm their large scale. According to the third quarter of 2025, their valuation is 57 billion USD, with an ETF holding of 2.76 billion USD, totaling over 2 billion units, further increasing their market share.

This pattern has been suppressed.

When the market officially announced the investigation of Jane Street’s market activities in early 2024, it was not visible. Since then, the market has not seen a decline, but has been suppressed.

Today, the special market has exceeded 3%, breaking through multiple resistance levels, reaching 68,000 USD on the US side—just before the market, the market has fallen below 60,000 USD. Surpassing 3.23 billion USD of market value, the market’s free positions have been cleared. The RSI (Stochastic RSI) has touched 100. The ETF daily inflow reached 2.577 billion USD, the highest since February 2025.

This pattern has been broken.

When the investigation of Jane Street’s activities was announced, “10 points rebound”… disappeared. Since then, the market has been in a state of suppression, with suppressed market prices, and the market has been suppressed for several months, with the pattern of special market rebound being canceled.

Compared to the real market, the special market is considered a “constructed illusion”: a mechanical system designed to manipulate prices.

After the investigation, these mechanisms will be suppressed. The market inflow will be limited, and the free positions will be acquired.

Every cycle, these mechanisms will be reassembled into “market suppression,” “buyback,” and “counter-trading,” which can be summarized as a continuous cycle of suppression. The overall effect is that the public is driven out, and insiders profit from the price differences.

From now on, how will this continue?

More structural scenarios remain unchanged. By the end of 2026, 45 billion USD of ETFs will be issued, with a visible impact on the market. The strategy (Saylor’s company) repeatedly bought 3.9 billion USD worth of BTC, with 99% of the total market purchase being from public ETF investors. The real big players are not involved, and they are still actively suppressing the market.

Likewise—only possible—these mechanisms have already been absorbed.

The narrative on X (Twitter) says: after the investigation, Jane Street was “forced into market suppression.” Jane Street told Cointelegraph that this is “a conspiracy, a false claim.” Whether they are suppressed or not, they are under legal restrictions, and the continuous daily suppression of the market is directly transmitted to the market, which is the core of their control.

The same applies to the “market design” they created.

Their 13F filings also confirm their large scale. According to the third quarter of 2025, their valuation is 57 billion USD, with an ETF holding of 2.76 billion USD, totaling over 2 billion units, further increasing their market share.

This pattern has been suppressed.

When the investigation of Jane Street’s activities was announced, “10 points rebound”… disappeared. Since then, the market has been in a state of suppression, with suppressed market prices, and the market has been suppressed for several months, with the pattern of special market rebound being canceled.

Compared to the real market, the special market is considered a “constructed illusion”: a mechanical system designed to manipulate prices.