#加密市场反弹

The cryptocurrency market experienced a rare rebound yesterday, or more precisely, a short-term reversal. BTC surged past 70,000, ETH and SOL also soared. Although there was a slight pullback today, market bullish sentiment remains strong, and further upward movement is expected.

💪Jane Street's Lawsuit and Circle's Earnings Growth Double as Positive Signals

Recently, Jane Street has become a hot topic in the financial industry due to multiple lawsuits. Who are they? Founded in 2000, Jane Street is a Wall Street newcomer known for its quantitative trading operations that many retail investors despise. Its business spans globally, with a net trading revenue of $20.5 billion in 2024, surpassing the total of U.S. banks and Citigroup’s related businesses.

Since November 2025, Bitcoin traders have noticed a peculiar pattern: around 10 a.m. Eastern Time, coinciding with the U.S. stock market open, a large sell-off hits BTC and related ETF stocks. This pattern is eerily consistent—Bitcoin tends to rally during Asian and European trading hours overnight, only to be sharply sold off when New York traders wake up. Experts studying this phenomenon found that Jane Street, as one of the only four authorized participants for BlackRock’s IBIT (the world’s largest spot Bitcoin ETF), has the unique ability to create and redeem ETF shares. This means they can directly insert or remove Bitcoin from institutional wrapper products, and have the capacity to sell BTC at market open to push prices down, liquidate leveraged longs, and buy back at lower prices. Meanwhile, they buy large amounts of highly leveraged proxy assets for Bitcoin, waiting for the inevitable rebound. Even more interestingly, since Terraform Labs filed a lawsuit against Jane Street, that “10 a.m. sell-off”… disappeared. For the first time in months, Bitcoin did not plummet at market open in the U.S.; instead, it rose. The “10 o’clock knife” in the crypto world is very likely the work of Jane Street. Moreover, their history isn’t clean—back in 2025, they were fined at the maximum penalty by India’s Securities and Exchange Board for market manipulation, and recently they were accused by Terra’s bankruptcy liquidation company of being a key player in the UST collapse.

Of course, besides Jane Street’s investigation, there was another major positive yesterday: Circle’s earnings growth. This offset the negative impact of Cbase’s recent performance decline, and the surge in Circle’s stock price has also brought renewed attention to the crypto market. Many funds are beginning to flow back into cryptocurrencies.

📈 Capital Flows Back to Crypto, Slight Pullback May Still Continue Higher, But Bear Market Pattern Remains

As the saying goes, “A single arrow piercing the clouds, a thousand troops come to meet it.” After a long period of price suppression, Bitcoin’s large-volume bullish candle yesterday greatly released market enthusiasm. Coupled with Circle’s recent stock surge, cryptocurrencies have once again become a hot topic in the financial circle. Traditional funds are expected to flow back into the crypto space. Additionally, with gold and silver markets experiencing relatively low volatility recently, there is no bloodsucking effect on the crypto market. Therefore, after a slight price correction, there is still momentum for further gains. In the short term, this is a reversal of the recent drop to 59,900.

However, if we look at the longer timeline, this rally remains just a rebound and does not fundamentally change the bear market pattern for Bitcoin. It’s still premature to call “bullish return, quick retreat.” So, if Bitcoin successfully breaks through $70,000 and continues higher, traders can take profits on long positions rather than chasing at high levels.

📊 Mainstream Coins Likely to Consolidate Over the Weekend, Strong Altcoins More Promising

Given that Bitcoin has just experienced a significant rally and needs a correction, plus the typically lower market liquidity over the weekend, Bitcoin and Ethereum are likely to remain in consolidation. The market may usher in a long-awaited altcoin season. I am particularly optimistic about some recent strong altcoins, including MYX, POWER, VVV, and especially SOL, which has recently outperformed Bitcoin.