Bitcoin pushed higher on Wednesday, briefly approaching $70,000 before easing back. As traders rotated into higher beta tokens, ether, solana and other altcoins outpaced bitcoin, signaling renewed risk appetite after weeks of forced selling. 

Fresh demand also showed up in ETFs, with U.S. spot Bitcoin funds pulling in about $507 million in a single day, the largest inflow since early February. Weekly flows have now turned positive after five straight weeks of redemptions totaling $3.8 billion.

At the same time, online speculation has intensified around so called “10 am dumps.” A widely shared article by Justin Belcher alleges that throughout late 2024 and 2025, bitcoin repeatedly sold off around the 10 am Eastern equity open, triggering liquidations before rebounding.

This story is an excerpt from the Unchained Daily newsletter.

Some commentators have linked the pattern to Jane Street’s role as an authorized participant in major Bitcoin ETFs, arguing that ETF inventory and derivatives could theoretically be used to influence short term price action.

There is no confirmed evidence supporting those claims, and Jane Street has rejected related allegations tied to a separate Terraform lawsuit. Still, the debate has reignited broader concerns about market structure and price discovery, even as bitcoin’s price stabilizes.