Top Market Maker Reveals 20.3M Share Position in BlackRock Bitcoin ETF
Jane Street has ranked among the largest net buyers of BlackRock’s iShares Bitcoin Trust (IBIT) in the fourth quarter of 2025, according to newly released 13F filings.
Key Takeaways
- Jane Street disclosed a 20.3 million share position in BlackRock’s IBIT for Q4 2025.
- Recurring Bitcoin volatility around 10 AM ET has drawn attention from traders.
- Rumors suggesting coordinated price suppression remain unverified.
- Institutional ETF market mechanics may explain concentrated open-session flows.
The global market maker reported holding approximately 20.3 million shares of IBIT as of December 31, 2025, placing it among the top institutional holders of the spot Bitcoin ETF. The disclosure comes as IBIT continues to dominate spot Bitcoin ETF flows and institutional adoption trends in the United States.
However, the sizable position has reignited discussion within crypto circles about trading activity observed around the U.S. market open.
Persistent 10 AM ET Sell Pressure
Market participants have pointed to a recurring pattern in recent months: significant sell volumes appearing in Bitcoin and related ETF shares shortly after the U.S. stock market opens.
According to community observations, large sell orders hitting around 10 AM ET have at times coincided with sharp intraday pullbacks in BTC prices. These moves have allegedly triggered liquidations of leveraged long positions, particularly during periods of thinner liquidity.
Some traders claim similar behavior was visible in early November 2025, as well as during parts of Q2 and Q3 2025, with volatility clusters continuing into early 2026.
Rumors Remain Unverified
It is important to note that these claims remain unverified. No regulatory findings or official investigations have confirmed coordinated manipulation tied to any specific firm.
The theory circulating among retail traders suggests that large institutional desks could temporarily pressure prices lower, trigger liquidations, and then accumulate at discounted levels.
Under this narrative, the firm accumulating the most IBIT shares would also be benefiting from volatility created during market open liquidity events.
Market Structure Considerations
Institutional trading desks such as Jane Street frequently operate as market makers and authorized participants in ETF markets. Their strategies typically involve hedging, arbitrage, and liquidity provision across spot Bitcoin, futures, and ETF shares.
The U.S. market open is historically one of the most active and volatile periods of the trading day. Price discovery between 24-hour Bitcoin markets and U.S.-listed ETFs often leads to concentrated order flow during this window.
Large open-session trades may therefore reflect hedge rebalancing, arbitrage adjustments, or institutional flow alignment rather than coordinated price suppression.
Institutional Accumulation vs. Retail Volatility
Jane Street’s 20.3 million-share IBIT position underscores the growing role of sophisticated trading firms in Bitcoin’s ETF ecosystem.
At the same time, recurring volatility around the U.S. open continues to fuel debate about whether retail participants are at a structural disadvantage when trading highly leveraged crypto positions.
While speculation persists, there is currently no verified evidence linking open-session volatility to deliberate market manipulation by any specific institution.
The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
Alexander Zdravkov is a person who always looks for the logic behind things. He has more than 3 years of experience in the crypto space, where he skillfully identifies new trends in the world of digital currencies. Whether providing in-depth analysis or daily reports on all topics, his deep understanding and enthusiasm for what he does make him a valuable member of the team.
