Monad co-founder refutes the claim that "Jane Street suppresses Bitcoin below $150,000": Shorting IBIT makes it difficult to push prices down unilaterally

DeepFlowTech · 2026-02-26T03:36:33+00:00

Monad co-founder Keone Hon responded to the conspiracy theory that "Jane Street is shorting Bitcoin," stating that it is unfounded. He pointed out that other market participants hold futures short positions and hedge through spot trading, and that Bitcoin's price is influenced by the overall supply and demand balance, and cannot be simply attributed to the actions of individual institutions.

DeepFlowTech

2026-02-26 03:36:33

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Deep Tide TechFlow News: On February 26, regarding the market rumor that “Jane Street’s short selling caused Bitcoin not to reach $150,000,” Monad co-founder Keone Hon responded that this conspiracy theory is unfounded. He believes that if shorting iShares Bitcoin Trust (IBIT) and hedging with long Bitcoin futures were the case, there would inevitably be other market participants holding futures short positions on average, offset by holding spot Bitcoin. From a delta exposure perspective, the total of all market positions always equals the current total supply of Bitcoin. Any single participant can choose to short, thereby increasing the long side of the market, but this is a normal structural feature of the perpetual contract market and not unique to IBIT or authorized participants (APs). Keone Hon added that simply attributing Bitcoin’s price movement to the actions of individual market makers fundamentally overlooks the overall market hedging structure and supply-demand balancing mechanisms.

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