Weekly Market Playbook

Earlier this week, Terraform Labs' bankruptcy administrator filed a federal lawsuit against Jane Street Group, alleging the firm used non-public information to position itself ahead of the TerraUSD collapse in May 2022. Similar accusations of market manipulation have been leveled against the firm recently. In July 2025, India's Securities and Exchange Board (SEBI) accused the firm of manipulating the Bank Nifty index by using their buying power to purchase large volumes of stocks, inflating the price, and simultaneously holding short positions in index options. Check out CNBC's article further explaining this here.

These recent allegations, according to traders and analysts, if proven true, could potentially highlight a big reason that Bitcoin and other major cryptocurrencies have stalled in price growth in recent months. Reputable analysts such as Jan Happel and Yann Allemann (co-founders of on-chain analytics firm Glassnode) pointed out yesterday (2/25/2026) that the cryptocurrency market didn't see the morning-open sell-off that we've become accustomed to in recent months. The story is still developing, however, if Jane Street Group was in fact altering the market with their immense market-making power (see Financial Times' article to learn more here) by routinely conducting huge sell-offs each morning, this could mark a monumental shift for crypto-currency if they are held accountable and exposed.

In a time where other factors indicate a bull-run, such as the White House's crypto-friendly policies and rhetoric, as well as new adoption news in many states and different countries around the world (See here, here, and here to learn more), the crypto market stalling has been a disappointing reality in 2026 so far. Therefore, if this pressure on Jane Street heats up, and we don't see those big morning-open sell-offs as much as a result, market momentum may change very quickly. 2026 could turn into a very prosperous year for crypto holders and traders, particularly as regulatory scrutiny of institutional market participants intensifies.

Crypto markets have remained active, but not without turbulence. Price action over the past week has been driven less by long-term fundamentals and more by flows, positioning, and leverage, which continues to create sharp moves in both directions.

Bitcoin is still setting the tone for the entire market. Spot demand has held up well, but rallies have repeatedly run into friction as leverage builds too quickly. When funding rates rise and positioning becomes crowded, even minor pullbacks can cascade into larger moves as forced liquidations kick in. These resets, while uncomfortable, have been a healthy way for the market to cool off and rebuild.