Crypto World
Unified Liquidity Layer on BNB Chain
In the traditional DeFi model, capital is often “locked.” Whether it is sitting in a lending vault or providing liquidity in a DEX, that capital is siloed — restricted to one protocol, one function, and one yield source at a time. For users, this fragmentation creates a “liquidity trap,” forcing them to manually bridge their assets between platforms, incur high gas costs, and miss out on real-time market opportunities.
Today, Venus Protocol, the leading lending platform on BNB Chain, and Fluid, the pioneers of a connected liquidity architecture that unifies lending, borrowing, trading into a single system of modular liquidity infrastructure, are proud to announce a strategic alliance. Together, we are launching Venus Flux—the first Unified Liquidity Layer designed specifically for the BNB Chain ecosystem.
What is Venus Flux?
Let your liquidity Flux, watch your yield grow.
Venus Flux is not just a new interface, it represents a fundamental re-engineering of how capital moves onchain. By integrating Fluid’s unified liquidity architecture, which connects lending positions, borrowing capacity, and DEX liquidity at the protocol level, Venus Flux introduces a new Smart Liquidity engine for BNB Chain.
Instead of remaining idle, deposited assets are transformed into a dynamic liquidity stream. With a single deposit, users can simultaneously access lending, borrowing, and trading liquidity within one unified system-maximizing capital efficiency without manual coordination.
Core Capabilities: Lend, Borrow, Multiply, Swap
Venus Flux simplifies the complex DeFi landscape into four integrated pillars:
- Lend (Automated Optimization): Users can supply assets to the Liquidity Layer through Lend. These funds are deposited into a shared, protocol-agnostic pool that can be utilized across the entire stack, automatically routing capital to optimized yield sources without requiring users to manage multiple positions.
- Borrow (Capital Efficiency Redefined): Leveraging Fluid’s advanced liquidation engine, users can access higher Loan-to-Value (LTV) ratios than previously possible on BNB Chain, allowing for greater borrowing power with lower liquidation friction.
- Multiply (One-Click Leverage): For power users, the Multiply feature automates complex looping strategies. Amplify your exposure and yield with a single transaction, removing the need for tedious manual cycles.
- Swap (Integrated Liquidity & Execution): The native DEX embedded into the protocol allows users to swap directly within Flux, enabling efficient position rebalancing, liquidation handling, leverage execution and unwinding. By integrating swaps at the protocol layer, Flux minimizes friction, reduces transaction overhead, improves liquidation outcomes and ensures optimal execution across Lend, Borrow, Multiply and flows.
The Innovation Frontier: Smart Debt & Smart Collateral
The defining strength of Venus Flux lies in its proprietary “Smart” features that unite lending and trading into one fluid experience:
- Smart Collateral： Traditionally, collateral is “dead” capital. With Venus Flux, your collateral works double-time. It can simultaneously act as liquidity in a DEX (earning swap fees) while continuing to back your loan. This creates a multi-layered yield stack from a single capital base.
- Smart Debt：It allows you to turn your borrowed funds into productive liquidity by routing them into DEX AMM positions. Rather than being purely a cost, the debt can earn trading (LP) fees, which can offset the borrowing cost (APR). In certain market conditions, it may even generate positive yield—so you can borrow while still being paid.
How the Liquidity Layer Works Under the Hood
The Liquidity Layer serves as the core of the overall architecture, holding and managing all system-wide liquidity. All ledger states and accounting are unified and settled at this layer, ensuring a single, reliable source of truth across the system.
When users deposit assets, those funds can be automatically rebalanced across different protocols without requiring manual intervention. For example, assets designated as Smart Collateral are recorded as supplied liquidity within the lending index system while simultaneously being deployed as LP positions in DEX protocols.
These assets dynamically rebalance according to AMM mechanics, allowing capital to shift as needed. Thanks to the Liquidity Layer, users do not need to manually move assets between protocols—their positions are automatically reconciled and reflected in their balances through the unified settlement layer.
Because liquidity is shared across protocols, Smart Collateral can earn lending yield while simultaneously capturing DEX LP fees, significantly improving overall capital efficiency.
A Strategic Alliance for the BNB Ecosystem
This collaboration combines the strengths of two DeFi powerhouses. Venus Protocol provides the liquidity depth and long-standing trust of a BNB Chain pioneer, while Fluid provides the technological velocity to make that liquidity smarter and more efficient.
“Venus Flux represents a leap forward in our mission to provide the most robust and capital-efficient money markets on BNB Chain,” said Leon, Head of BD at Venus Labs.
“By partnering with Fluid, we are delivering a more advanced lending market experience to our users while introducing a new DEX product within the Venus ecosystem.”
“Venus Protocol is the biggest and most trusted money market on BNB Chain, with scale and real user demand that few protocols achieve,” said Samyak Jain, Co-Founder and CTO at Fluid.
“Bringing Fluid’s Liquidity Layer to Venus Flux is exciting because it allows that liquidity to move more efficiently across lending, borrowing, and trading — unlocking institutional-grade market mechanics for institutions, professional traders, and retail users alike.”
The Future of BNB Chain Starts Now
Venus Flux is now live, paving the way for a more liquid, transparent, and optimized financial future on BNB Chain. Whether you are a retail user looking for a “set-and-forget” yield or a DeFi native seeking to push capital efficiency to its limit, the era of Unified Liquidity has arrived.
Experience the FLUX. Grow your yield. Visit Venus Flux to get started.
About Venus Protocol
Venus is the leading lending protocol on the BNB Chain. Established in 2020, Venus was the first lending protocol and continues to provide the deepest lending liquidity for key assets on the BNB Chain.
About Fluid
Fluid is the world’s most capital-efficient Liquidity Layer for finance that can support an entire ecosystem of financial products on top of it. Connects lending, borrowing, trading and more financial products into one seamless onchain system.
With $5B+ in Total Market Size and $190B+ in cumulative volume, Fluid is redefining capital efficiency across finance.
Centrifuge jumps ~180% in hours on Upbit listing, then eases as traders take profits and mixed technicals flash caution.
Summary
- CFG spiked about 180% intraday before retreating from highs as profit-taking hit the market.
- Price reclaimed levels last seen in Oct 2025 and now trades above its 50D and 100D SMAs, while RSI sits in overbought territory.
- On-chain data show whale accumulation and a sharp volume spike after Upbit listed CFG with KRW, BTC, and a major stablecoin pairs.
Centrifuge’s CFG token rose more than 180% following the announcement that trading would commence on South Korean cryptocurrency exchange Upbit, according to market data.
The rally occurred as broader cryptocurrency markets posted gains, with Bitcoin advancing alongside several major alternative cryptocurrencies. The token subsequently retreated from intraday highs as traders took profits, according to trading data.
Upbit announced trading support for Centrifuge would begin on February 26, 2026, at 2 PM Korea Standard Time, according to the exchange’s statement. The listing includes spot trading pairs against the Korean won, bitcoin, and a major stablecoin. Deposit and withdrawal services were scheduled to become available shortly after the announcement, the exchange stated.
On-chain data indicated increased accumulation by large holders, referred to as “whales” in cryptocurrency markets, according to blockchain analytics. Trading volume increased substantially as the token’s price surged, market data showed.
Upbit’s user base and liquidity have historically generated significant price movements for newly listed tokens, according to market observers.
Centrifuge operates as a platform for tokenizing real-world assets, with its native token enabling governance functions that allow holders to participate in protocol decisions, according to the project’s documentation. The token’s price had followed broader cryptocurrency market declines until the Upbit listing drove prices to levels last observed in October 2025, according to historical price data.
Technical analysis presented mixed signals, with the Moving Average Convergence Divergence indicator suggesting bullish momentum while the Relative Strength Index reached levels typically associated with overbought conditions, according to chart data. The token traded above its 50-day and 100-day simple moving averages, technical indicators showed.
Market analysts noted that sustained trading volume from Korean market participants could drive prices toward higher resistance levels, though a decline below key moving averages could accelerate downside pressure.
Three companies have added Strategy’s perpetual preferred equity, Stretch (STRC), to their balance sheets as the security returns to its $100 par value.
Strategy said Prevalon Energy and Anchorage Digital disclosed during presentations at Strategy World 2026 in Las Vegas that each company has allocated a portion of its corporate treasury to STRC, Strategy’s Variable Rate Series A Perpetual Stretch Preferred Stock, during the “Bitcoin for Corporations” track. In separate remarks at the conference, OranjeBTC, a Brazilian bitcoin treasury company also confirmed it has added STRC to its balance sheet.
According to STRC.live, STRC briefly touched par during Wednesday’s trading session. Based on trading volume, it is estimated that roughly 22 BTC were purchased through STRC activity. In pre market trading, STRC is again at $100.
STRC is a short duration, high yield credit instrument that ranks senior to MSTR common stock and offers an 11.25% annual dividend, distributed monthly.
The conference also featured additional announcements, including 21Shares bringing STRC exposure to Europe through the Strategy Yield ETP on Euronext Amsterdam.
Separately, Morgan Stanley plans to introduce bitcoin trading, lending, yield, and custody services, with Amy Oldenburg, Head of Digital Asset Strategy at Morgan Stanley, confirming the plans during a panel discussion with Strategy CEO Phong Le.
Bitcoin is trading above $68,000, while MSTR rose 9% on Wednesday and is slightly lower in Thursday pre market trading at around $135.
Crypto World
Wikipedia vs. On-Chain: Why Jimmy Wales’ Bitcoin Bubble Call Clashes With Polymarket Data
Wikipedia founder Jimmy Wales is calling Bitcoin a bubble again. In a recent tweet on X, Wales predicted the asset would collapse to $10,000 by 2050, dismissing the trillion-dollar network as a “complete failure” of a currency that serves no real human purpose.
The market is taking the other side of that trade. Polymarket bettors and traders are currently pricing in a roughly 66% probability of continued upside, with millions in volume backing a bullish trajectory rather than a collapse. Smart money is betting on expansion, not extinction.
This creates a sharp divergence between a famous tech skeptic and the actual localized market sentiment driving price action.
Key Takeaways
- The Skeptic: Jimmy Wales predicts a crash to $10,000, calling the asset a failure.
- The Data: Prediction markets signal a 66% confidence in bullish continuation.
- The Divergence: On-chain volume and ETF flows contradict the “bubble” narrative.
The Bear Case: Wales Predicts Bitcoin Bubble Bursts to $10K
Wales’ argument is not new, but his timeline is specific. He posits that Bitcoin will slowly bleed out to $10,000 by 2050 as the “bubble” deflates relative to inflation and utility.
Speaking recently, he characterized the banking system’s engagement with crypto as predatory rather than supportive, suggesting institutions are merely extracting fees before the inevitable collapse.
This narrative echoes his past predictions that have largely failed to materialize. Yet, it resonates with a segment of the market concerned about sustainability.
Wales argues that without being an effective medium of exchange, the store-of-value proposition is hollow.
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What Polymarket Is Actually Saying
Prediction markets offer a quantified rebuttal to opinion. On Polymarket, the leading decentralized prediction platform, the odds tell a story of confidence.
Contracts tracking Bitcoin’s price trajectory show a dominant preference for higher targets in 2024 and 2025.
The majority of Polymarket bettors believe the bull case is remaining intact, although they have different ideas about where the ceiling might be.
A staggering 86% see bitcoin rising to $75,000 contrasting with 71% who see it falling down to $55,000, a level described as a plausible bear case by Standard Chartered and CryptoQuant analysts.
Additionally, institutions are still quietly doubling down on Bitcoin. Both Strategy and Metaplanet revealed they intend to keep adding to their BTC treasuries.
If Wales is right, the industry smart money is spectacularly wrong. But if the market is right, Wales is fighting a phenomenon fueled by many billions in institutional treasuries and ETF liquidity.
On-Chain Data: Accumulation or Distribution?
To settle the debate, Bitcoin analysis must turn to the blockchain itself. Current on-chain metrics show a stark difference from the 2017 or 2021 tops.
Exchange reserves are deepening their multi-year downtrend. Coins are moving off exchanges into cold storage, a signal that usually precedes supply shocks.
This accumulation is apparent globally. Whales are not distributing into this rally; they are buying the dips.
The recent defense of the $60,000 level proves this. When $370 million in long liquidations flushed the market, buyers stepped in immediately.
That is not the behavior of a popping bubble. It is the behavior of a market establishing a new fair value.
Will the Bitcoin Bubble Burst? The Million Dollar Question
The technical structure for Bitcoin remains constructively bullish as long as it doesn’t slip below the $60,000 support block. A move down to $55k opens the road to further new bottoms.
In the last 24 hours, Bitcoin rose 4% to trade near $68,200 at the time of writing. The next big milestone will be $75k, the preferred price target for most Polymarket bettors, and an indication of its psychological significance.
Clear that, and price discovery mode begins. However, if the broader crypto market weakens, a retest of $62,000 and the threat of a collapse down to $55k hang ominously over the industry.
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The post Wikipedia vs. On-Chain: Why Jimmy Wales’ Bitcoin Bubble Call Clashes With Polymarket Data appeared first on Cryptonews.
The Office of the Comptroller of the Currency (OCC) has unveiled a comprehensive proposal to implement the GENIUS Act, marking a significant step toward federally regulated stablecoin activity in the United States.
Summary
- The OCC has proposed detailed stablecoin regulations to implement the GENIUS Act, covering issuance, supervision, reserves, liquidity, and redemption requirements.
- A 60-day public comment period has been opened to refine the draft rules before finalization, with AML and sanctions provisions to be added later.
- The move marks a major regulatory milestone in bringing payment stablecoins under federal banking oversight following the GENIUS Act’s enactment.
New OCC stablecoin rule proposal seeks federal oversight
The notice of proposed rulemaking, issued on February 25, outlines how payment stablecoins can be issued, backed, supervised, and potentially revoked under federal banking oversight.
Under the draft rules, the OCC would regulate “permitted payment stablecoin issuers” including subsidiaries of national banks, federal qualified issuers, certain state qualified issuers, and foreign stablecoin issuers meeting specified requirements.
The proposal sets standards for reserve assets, mandatory redemption at par, liquidity and risk management, audits, supervisory examinations, custody, and application pathways laying the groundwork for stablecoins to operate within the traditional banking system.
The OCC has opened a 60-day public comment period to gather industry, stakeholder, and public feedback before finalizing the rules. Key aspects such as anti-money-laundering provisions, Bank Secrecy Act requirements, and sanctions rules will be addressed separately in coordination with the U.S. Department of the Treasury.
Comptroller Jonathan V. Gould described the proposed framework as designed to help the stablecoin sector “flourish in a safe and sound manner,” while providing clarity and regulatory certainty for issuers operating under federal supervision.
The GENIUS Act, enacted in July 2025, created a federal regulatory structure for payment stablecoins after years of debate over how to integrate digital assets into U.S. financial law.
The OCC’s proposal represents a landmark effort to translate that statute into enforceable federal rules, potentially shaping how banks, nonbanks, and foreign firms issue and manage stablecoins in the years ahead.
Colgate-Palmolive (CL) stock is rising fast and it got a gold star as its Relative Strength (RS) Rating climbed from 64 on Monday to 73 on Tuesday. The upgraded rating shows that Colgate stock topped 73% of all other stocks for price performance this past year. Colgate Stock Racing Higher This Year The upgrade comes as Colgate-Palmolive rises at a…
The dollar is trading mixed against the major currencies as investors await important macroeconomic releases and foreign policy signals. Market participants remain cautious ahead of upcoming US data, as well as potential statements following contacts between Washington and Beijing. The trade negotiations factor and the prospect of a meeting between Donald Trump and the Chinese leader remain in focus, as any signs of progress or escalation could influence demand for safe-haven assets and the dollar’s trajectory.
Upcoming macroeconomic releases and developments in the US–China trade agenda will be decisive: either the dollar maintains its advantage and continues to strengthen, or the market shifts into a deeper correction from current levels.
USD/JPY
The USD/JPY pair showed a strong upward impulse at the start of the week and moved closer to recent highs. The rally reflects steady demand for the dollar and relative weakness of the yen amid stable expectations regarding Federal Reserve policy and the accommodative stance of the Bank of Japan. Additional support for the dollar comes from expectations surrounding US economic data, which may confirm the resilience of the American economy.
Should the data come in strong, the move towards fresh highs may continue, while weaker figures could trigger profit-taking and a short-term correction.
Key events for USD/JPY:
- Today at 15:30 (GMT+2): US initial jobless claims;
- Today at 17:00 (GMT+2): Speech by Federal Open Market Committee (FOMC) member Michelle Bowman;
- Tomorrow at 01:30 (GMT+2): Tokyo core Consumer Price Index (CPI), Japan.
USD/CAD
The USD/CAD pair remains in a sideways phase. The pair tested the upper boundary of the range but encountered resistance and shifted into a moderate pullback. Technical analysis suggests a possible move towards the lower boundary of the medium-term range, as a “doji” reversal pattern has formed on the daily timeframe.
A confident break and consolidation above 1.3730 could allow the upward momentum to resume.
Key events for USD/CAD:
- Today at 15:30 (GMT+2): Canadian wholesale sales;
- Tomorrow at 15:30 (GMT+2): Canada GDP (q/q);
- Tomorrow at 15:30 (GMT+2): US Producer Price Index (PPI).
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Crypto exchange Gate has secured a Payment Institution license in Malta, a license under the European Union’s PSD2 framework, giving the crypto exchange a regulated foothold to offer payment services across the bloc alongside its existing crypto permissions.
The company said Thursday that its Malta-based entity, Gate Technology, received the license from the Malta Financial Services Authority (MFSA). Gate said the approval supports its strategy of linking traditional payment infrastructure with Web3 services in Europe.
The authorization adds payment capabilities to Gate’s existing EU crypto permissions. On Oct. 1, 2025, Gate announced that it had obtained a license under the EU’s Markets in Crypto-Assets Regulation, allowing it to provide exchange and custody services across member states.
EU crypto companies offering payment services in stablecoins must hold either a Payment Institution or an Electronic Money Institution authorization. With PSD2 approval, Gate can passport regulated payment services across the bloc, expanding beyond trading into fiat and stablecoin payment infrastructure.
Gate says its flagship exchange serves more than 49 million users globally, though it does not publicly disclose a breakdown of users in the EU.
Payments authorization expands EU scope
Under PSD2 rules, licensed institutions may execute payment transactions, facilitate credit transfers and direct debits, and maintain payment accounts across the EU.
According to the MFSA’s public authorization catalogue, Gate Technology is permitted to provide payment services as defined under Malta’s Financial Institutions Act, including enabling cash to be placed on and withdrawn from payment accounts and carrying out all operations required to operate the accounts.
Gate CEO Giovanni Cunti said the license positions the company to deliver compliant payment solutions to institutional and retail clients.
The MFSA listing confirms that the approval extends beyond crypto custody and exchange services to regulated account and transaction functionality.
However, Gate did not specify which payment products will launch first or when expanded EU services will roll out.
Cointelegraph reached out to Gate for more information but had not received a response by publication.
Related: Deutsche Bank-backed AllUnity launches Swiss franc stablecoin CHFAU
Part of broader EU compliance trend
Gate’s approval follows a similar move by another major exchange. On Feb. 16, OKX obtained a Malta Payment Institution license to support products including OKX Pay and the OKX Card.
Under MiCA, crypto-asset service providers integrating stablecoin payments into regulated financial rails must align with EU payments law. As a result, Payment Institution approvals are increasingly becoming a prerequisite for exchanges seeking to offer euro-denominated payment flows alongside crypto trading.
Magazine: Hong Kong stablecoins in Q1, BitConnect kidnapping arrests: Asia Express
Bitcoin’s (BTC) latest recovery has lifted sentiment across crypto markets, with traders pointing to renewed momentum after weeks of choppy price action.
However, the rebound has also revived something else: fresh allegations against Jane Street, a global quantitative trading firm and major liquidity provider. But how much of the circulating narrative is supported by evidence, and how much remains speculative? As the theory resurfaces, separating verifiable facts from online conjecture has become essential.
Jane Street’s Alleged 10 AM Bitcoin Sell-Off: Manipulation Theory or Market Myth?
Jane Street is dominating Crypto Twitter discussions, and the surge in attention extends beyond social media. Google Trends data shows that search interest for “Jane Street Bitcoin” recently reached an all-time high. This indicates a sharp rise in public curiosity.
Follow us on X to get the latest news as it happens
What is driving this renewed focus? A simple search on X reveals numerous posts linking Jane Street to Bitcoin’s price action. At the center of the discussion are allegations of a so-called 10 AM Eastern Time Bitcoin sell-off pattern.
Since 2024, Zero Hedge has repeatedly pointed to what it describes as a recurring pattern. According to him, Bitcoin often experiences a sharp decline around 10 AM ET. Jane Street is frequently named in connection with the theory.
Similar allegations surfaced in December 2025.
“Jane Street is one of the largest high-frequency trading firms in the world. They have the speed and liquidity to move markets for a few minutes. The behavior looks simple: 1. Dump BTC at the open. 2. Push the price into liquidity pockets. 3. Re-enter lower. 4. Repeat daily,” Bull Theory posted.
At the time, BeInCrypto reported that no regulator, exchange, or independent data source had confirmed any coordinated activity. Notably, new allegations against Jane Street surfaced recently after Terraform Labs’ administrator sued the trading firm.
“Who crashed Luna and UST to 0 and brought down the entire crypto market in 2022? Jane Street. The same Jane Street accused of ‘10AM manipulation’ also front-ran the 2022 Terra collapse,” Ash Crypto said.
Jane Street has denied any wrongdoing and stated that it intends to defend itself in court. Nonetheless, some analysts started making connections between the lawsuit’s timing and Bitcoin’s price.
Several commentators on X have alleged that the legal action against Jane Street may have paused the supposed 10 AM sell-offs. According to this narrative, the absence of the previously observed intraday declines allowed Bitcoin’s price to climb over the past two days.
In a detailed post, Justin Bechler suggested that the alleged “daily flash crashes” had previously stopped after the Terraform Labs lawsuit filings became public early last year.
However, he claims the 10 AM pattern later resumed in Q3 2025. By December, he said, the intraday declines had returned with full force.
“Basically, the 10 am dumps stopped the moment Jane Street had lawyers looking over its shoulder, and started again when the heat died down,” he wrote. “Bitcoin should be at least $150,000 right now, and everyone knows it. Yesterday, a federal lawsuit was filed in Manhattan that explains exactly why it isn’t.”
Bechler further noted that Jane Street disclosed a large IBIT position in its Q4 2025 13F filing. It also sharply increased its MicroStrategy holdings.
“This looks like bullish accumulation if you don’t understand what Jane Street actually is. Jane Street is one of only four firms authorized to conduct in-kind creations and redemptions for IBIT. The others are Virtu Americas, JP Morgan Securities, and Marex. Jane Street is also an authorized participant for Fidelity’s and WisdomTree’s Bitcoin ETFs,” he said.
According to him, this role gives the firm “direct access to the mechanism that connects ETF share prices to actual Bitcoin.” Bechler stated that Jane Street can transfer Bitcoin in and out of the ETF structure, arbitrage price differences between the fund and the spot market, and hold inventory positions on a scale far beyond that of a typical market participant.
He also added that a 13F only shows long stock positions but does not require disclosure of options, futures, or swaps.
“When Jane Street reports holding $790 million in IBIT shares, the filing tells you nothing about whether those shares are hedged by puts, offset by short futures, or wrapped in a collar that makes the firm’s net Bitcoin exposure zero or even negative,” he remarked.
He noted that the public only sees what appears to be an accumulation. In reality, the position could represent a significant short exposure that resembles a long, since the offsetting leg of the trade remains hidden under current disclosure rules.
A Form 13F, he added, is merely a snapshot of one side of the balance sheet. The other side is not visible to anyone outside the firm.
“If the firm holds $790 million in IBIT shares and offsets that position with $790 million in put options or short futures, the net exposure is zero. If the derivative book exceeds the equity position, the net exposure is negative, meaning Jane Street profits when Bitcoin’s price falls. In either scenario, the firm has every incentive to use its privileged position as authorized participant to suppress the spot price, trigger liquidations, and harvest the spread,” Bechler commented.
The Counterarguments: Volatility, Not Villainy
Not everyone is convinced. Several analysts pushed back, arguing the 10 AM pattern is overstated. Julio Moreno, Head of Research at CryptoQuant, directly questioned the narrative.
He noted that the mechanics described, buying Bitcoin on the spot market and selling futures, are not unusual. According to Moreno, this is “what any other delta neutral fund does.”
Moreno also pointed to the lack of a broader market context in the discussion. He stressed that overall Bitcoin spot demand growth has been collapsing since early October 2025, a trend he described as an obvious driver of the price decline.
Benjamin Cowen, CEO of Into The Cryptoverse, also weighed in. He argued that Bitcoin has historically rallied into early March during every midterm year. He added that each market cycle tends to produce its own narrative to explain price movements.
“Bitcoin price action is not a manipulated conspiracy,” he wrote.
Furthermore, Jeff Park, chief investment officer at ProCap and an adviser to Bitwise, suggested that the debate reflects a misunderstanding of how ETF plumbing actually works.
He mentioned that the focus on individual firms, such as Jane Street, overlooks the structural mechanics governing all Authorized Participants (APs) within the Bitcoin ETF framework.
Users on X also began pointing out that Jane Street appeared to have deleted every post from its account following the lawsuit. This further fueled speculation online.
However, that claim was quickly debunked. Economist Alex Krüger clarified that Jane Street had no posts on its X account to begin with.
“The amount of fake news and false narratives spread around in crypto is truly remarkable. Jane Street had no posts to delete. Can corroborate that on the Wayback Machine,” he posted.
Why the 10 AM Jane Street sell-off Theory Resonates
Retail traders have watched Bitcoin shrug off bullish developments, including MicroStrategy purchases and a favorable regulatory environment, while price action remained weak and sentiment slid into extreme fear. In that context, a simple and identifiable explanation can be compelling.
The apparent pause in the alleged 10 AM pattern following a high-profile lawsuit fits neatly into a correlation-as-causation narrative that often gains traction on Crypto Twitter.
However, correlation does not constitute proof. For now, the 10 AM theory remains merely an allegation, not a fact.
US spot Bitcoin funds extended their rebound Wednesday as BTC reclaimed $68,000, pulling in $506.5 million in inflows, the largest daily total since Feb. 2.
Bitcoin (BTC) exchange-traded funds (ETFs) are nearing a potential first week of inflows after five weeks of net outflows totaling $3.8 billion, with weekly inflows now at $560.4 million, according to SoSoValue data.
The gains mark two consecutive days of inflows, hinting at a possible upside following a massive February sell-off that wiped out $20 billion in net assets.
BlackRock’s IBIT leads inflows with $297 million as ETF trading rebounds
BlackRock’s iShares Bitcoin Trust ETF (IBIT) saw the largest share of inflows yesterday, attracting $297.4 million, according to Farside data.
The Bitwise Bitcoin ETF (BITB) and the Fidelity Wise Origin Bitcoin Fund (FBTC) followed with $39.4 million and $30.1 million in inflows, respectively.
Reflecting the recovering interest, ETF trading volumes rebounded above $4.3 billion, the highest level since Feb. 9.
Jane Street’s ETF controversy adds to mounting “paper Bitcoin” concerns
The renewed buying comes as some investors continue to debate how market structure affects Bitcoin price discovery, including the role of large market-making firms like Jane Street and authorized participants (APs) that help create and redeem ETF shares.
In rumors circulating on X following a recent lawsuit filed by Terraform Labs administrator Todd Snyder, Jane Street has been accused of influencing prices through derivatives exposure to BTC and market manipulation.
“The answer is trickier than the question,” Bitwise advisor Jeff Park noted in an X post on Wednesday, adding. “But it’s also more structurally unsettling than the conspiracy theory itself — and once you understand the actual mechanics, you won’t be able to unsee them,” he added.
“The short answer is that no AP explicitly suppresses Bitcoin price,” Park said, stressing that it’s rather the integrity of the price discovery mechanism that the AP structure can suppress.
“Those are not the same thing—but the second is arguably more consequential than the first,” he added.
Some analysts noted that selling pressure on Bitcoin has persisted since October 2025, raising doubts about the impact of individual players.
Related: ‘Bitcoin scarcity is dead’: Crypto executives push back on viral claim
Concerns over “paper Bitcoin,” in which firms trade without acquiring actual crypto, have lingered since early February, when The Kendall Report highlighted ETFs as a contributor.
The debate intensified recently after a mishap at South Korea’s Bithumb exchange, which mistakenly distributed 620,000 BTC it did not hold, underscoring ongoing questions about transparency and market integrity.
Magazine: Bitdeer sells all Bitcoin, Metaplanet rejects misconduct claims: Asia Express
WLFI proposes 180-day staking, ~2% APR to align governance and USD1 arbitrage.
Summary
- Unlocked WLFI must be staked at least 180 days to vote.
- Node (10m WLFI) and Super Node (50m WLFI) tiers add OTC USD1 access, incentives.
- Target ~2% APR from treasury; 7-day vote, 1b WLFI quorum for approval.
World Liberty Financial (WLFI) has introduced a governance reform proposal that would require token holders to stake their assets to participate in voting, according to a proposal document released by the organization.
The WLFI Governance Staking System proposes linking influence and rewards to token lock-up duration, representing a potential shift in how governance power is distributed within the WLFI ecosystem, the document stated.
Under the proposal, holders of unlocked WLFI tokens would be required to stake their tokens for a minimum of 180 days to vote on governance matters. Voting power would be calculated using a square root formula that factors in both the amount of tokens locked and the remaining duration of the lock-up, according to the proposal.
Participants who stake their tokens and vote at least twice during their lock period would be eligible for a base reward of approximately 2% annual percentage rate, funded directly from the WLFI treasury, the proposal stated.
The proposal introduces two participation tiers for large stakeholders. The Node Tier would require a minimum stake of 10 million WLFI tokens and provide access to over-the-counter conversion pathways for stablecoins such as USDT and USDC into USD1, along with additional rewards tied to conversion volume, according to the document.
The Super Node Tier would require a minimum stake of 50 million WLFI tokens and provide priority access to the WLFI team for partnership discussions and potential economic incentives, the proposal stated.
According to the proposal document, the system aims to redirect arbitrage value back into the ecosystem. The proposal states that institutional market makers captured a significant portion of arbitrage opportunities during the expansion of the USD1 stablecoin.
The proposal is open for a seven-day community vote and requires a minimum quorum of 1 billion eligible voting tokens to pass. If approved, implementation would roll out in three phases, beginning with the activation of governance staking for all holders of unlocked WLFI tokens, according to the proposal.
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