This comprehensive analysis of Jane Street's wrongdoing points out that "Jane Street is one of four companies that hold the keys to the Bitcoin ETF infrastructure. It faces federal charges of using insider information to front-run, helping to destroy the $40 billion value of Luna. It is suspected of running algorithmic sell-side programs that suppressed Bitcoin prices for months. It holds the largest disclosed Bitcoin ETF position while maintaining a derivatives ledger that could make its actual exposure completely opposite to what the filings show. Therefore, when Jane Street can create an unlimited synthetic supply by stacking undisclosed derivatives on top of its own ETF inventory, the 21 million cap becomes irrelevant. Bitcoin's scarcity at the protocol level is real, but the price discovery mechanism built upon it has been undermined by a company that uses privileged access as a profit engine, and the current disclosure framework allows them to do so without oversight. Every Bitcoin holder should know: What is Jane Street's actual net position? Until we know the answer, the price of Bitcoin is dictated by Jane Street." twitter.com/neso/status/202682...