TechFlow reports that on February 26, in response to the market rumor claiming “Jane Street’s shorting prevented Bitcoin from reaching $150,000,” Keone Hon, co-founder of Monad, stated that this conspiracy theory is unfounded. He explained that if one were to short the iShares Bitcoin Trust (IBIT) while simultaneously going long Bitcoin futures as a hedge, there would necessarily be other market participants—on average—holding short futures positions and hedging them with spot holdings. From a delta exposure perspective, the sum of all positions in the market always equals the total circulating supply of Bitcoin. Any single participant may choose to short, thereby increasing the overall long position size in the market; however, this is a standard structural feature of perpetual futures markets—not a mechanism unique to IBIT or its authorized participants (APs). Keone Hon added that attributing Bitcoin’s price movements solely to the actions of individual market-making firms fundamentally overlooks the market’s broader hedging structure and supply-demand equilibrium mechanisms.
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