Revealed! This is the real reason the price of Bitcoin (BTC) has not yet reached $150,000

Jakarta, Pintu News – The crypto market is once again abuzz with rumors that Jane Street is to blame for why Bitcoin (BTC) price has not been able to break the $150,000 level. However, experts have refuted this narrative and highlighted the structural factors behind the Bitcoin (BTC) ETF system in the United States.

Jeff Park, CIO of ProCap and advisor to Bitwise, asserts that Jane Street’s role is often misunderstood and overrated. This article will thoroughly explore the experts’ arguments regarding the mechanism of ETFs, the role of Authorized Participants (APs), and why accusations of Bitcoin (BTC) price manipulation are not entirely correct.

Bitcoin (BTC) ETF Structure and the Role of Authorized Participants

Jeff Park highlights that the debate about Jane Street should be shifted to the structure of the Bitcoin (BTC) ETF itself. In the spot ETF system in the United States, there are a number of large Authorized Participants (APs) such as Jane Street Capital, JPMorgan, Macquarie, Virtu Americas, Goldman Sachs, Citadel Securities, Citigroup, UBS, and ABN AMRO.

These APs have the privilege of creating and redeeming ETF units without having to follow conventional short selling rules. This gives APs tremendous flexibility in hedging and settling transactions. This AP privilege is governed by Regulation SHO, where they can create ETF units without having to borrow assets first.

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Mechanism Changes and Their Impact on Bitcoin (BTC) Price

A recent change in the ETF mechanism, from a cash-only to an in-kind model, has also affected market dynamics. In the cash-only model, APs are required to submit cash which the custodian then uses to buy Bitcoin (BTC) on the spot market. This process automatically creates spot demand every time a new ETF unit is created.

However, with the in-kind mechanism, APs can directly deliver Bitcoin (BTC) from any source, including through OTC transactions that have minimal impact on market prices. This flexibility makes AP activity more hidden and not always reflected in spot trading volumes.

Park argues that this change removes the “structural regulator” that previously maintained the integrity of price discovery in the spot market. However, Park emphasizes that there is no AP that explicitly suppresses the price of Bitcoin (BTC). Instead, AP structures can disrupt healthy price discovery mechanisms, which in the long run can have a greater impact than just momentary price fluctuations.

Expert Debate: Manipulation or Market Dynamics?

Park’s opinion received a response from a number of analysts and other market participants. Eric Balchunas, Senior ETF Analyst at Bloomberg Intelligence, mentioned that the negative sentiment towards Jane Street is starting to subside, but the market is still waiting to see if this change is enough to drive a sustained rally in Bitcoin (BTC) prices.

Meanwhile, Monad’s Keone Hon and Dave Weisberger argue that the manipulation theory is not entirely valid as short futures positions must eventually be offset by others in the market. Park himself did not dispute the identity of the accounting, but highlighted that regulatory loopholes allowed these positions to last longer than they should.

He emphasized that he does not believe in conspiracy theories that the AP is suppressing the price of Bitcoin (BTC) on purpose. However, with unlimited duration and zero carry fees, this structure opens up opportunities for market anomalies. On the other hand, on-chain analyst James “Checkmate” Check asserted that the Bitcoin (BTC) price drop is more due to massive sell-offs from holders, rather than institutional manipulation.

Conclusion

From various expert opinions, it can be concluded that the accusations against Jane Street as the main cause of the Bitcoin (BTC) price not breaking $150,000 are wrong. Structural factors in the ETF system and the flexibility of Authorized Participants are the main issues affecting price dynamics.

The new, more flexible mechanism may obscure the price discovery process, but it does not necessarily mean that there is a systematic price suppression effort. Ultimately, Bitcoin (BTC) price movements remain heavily influenced by the buying and selling actions of market participants, both institutions and individuals.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Trading crypto carries high risk and volatility, always do your own research and use cold hard cash beforeinvesting. All activities of buying and selling Bitcoin (BTC) and other crypto asset investments are the responsibility of the reader.

Reference

• NewsBTC. Jane Street Bitcoin Expert Debunks Myth. Accessed on February 27, 2026