K33 Research: The claim of "Jane Street dumping at 10 o'clock" lacks data support
BlockBeats News, on February 26, Vetle Lunde, Head of Research at K33 Research, released an analysis report stating that from January 2025 to February 2026, bitcoin's average minute return at 10:00 (UTC+8) was actually in the top 25% strongest range throughout the day. Although there were indeed negative returns at 10:00 (UTC+8) in the past four months, there were still 34 minutes during the day that performed worse.
Vetle Lunde stated that BTC volatility peaks are concentrated around the release of US macroeconomic data and the opening of the US stock market (09:31–09:37), which is the result of the microstructure of the market being closely linked to the US stock market, rather than directional manipulation at a specific time. If one were to discuss "sell-offs," the performance at non-whole minutes such as 10:12 (UTC+8) and 09:41 (UTC+8) is more noteworthy. The much-discussed "Jane Street 10 o'clock sell-off" lacks data support.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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