Quantitative giant Jane Street has recently been sued or investigated by the United States, China, and India on suspicion of market manipulation. This widely circulated news in the crypto circle actually reveals the harsh truth behind Bitcoin's endless volatility in this bull market.

This quantitative firm, claiming to be the largest market maker for Bitcoin ETFs, is following the old path of traditional commodity ETFs. Quantitative funds neither care about price discovery nor industry faith; they only leverage high-frequency algorithmic advantages to harvest stop-loss orders through "point-blank explosions" in extremely short periods. You will find that in this so-called "bull market," BTC prices fluctuate back and forth with almost no smooth trending—because whenever there's a breakout, quant firms short; whenever there's a breakdown, they buy low. Stock traders fear quant firms because they have wiped out retail funds in A-shares; crypto traders are now experiencing the same pain—against algorithms, retail manual trading is like cold weapons facing machine guns.

More interestingly, since news of Jane Street's lawsuit broke, crypto observers have noticed a peculiar phenomenon: the previously ongoing "scheduled dump" at a fixed time every day (10 a.m. Eastern Time) for several months has disappeared, and BTC has risen by about 10% as a result. This seems to confirm market speculation—that the previous pattern of suppressing prices through programmatic trading and engaging in high-low swings was actually the culprit behind the market's loss of vitality.

For ordinary retail investors, only in a unidirectional trend can they truly buy low and sell high to make money. This pattern of "quantitative weed-cutting" only creates endless long and short kills. Now that Jane Street is besieged by the three superpowers, if it ultimately falls, it might be a removal of a tumor for the crypto world. Although losing a whale may cause short-term liquidity pain, in the long run, only by wresting pricing power from algorithmic machines and returning Bitcoin to a free market of fair competition can retail investors survive, and only then can the bull market truly be a bull market. #深度创作营