October 10, 2025 remains one of the most painful days in recent Bitcoin history. Within minutes, billions of dollars were wiped out as forced liquidations cascaded across the crypto market. Roughly $19 billion was liquidated in 24 hours. Bitcoin price dropped sharply and panic spread fast. Many pointed fingers at Binance at the time, yet no concrete proof ever surfaced to support those accusations.
Months later, a different narrative has entered the discussion. Market analyst Bull Theory has put forward a controversial idea that shifts attention away from exchanges and toward a powerful trading firm. Bull Theory questions whether Jane Street could have played a role not only in the October 10 crash, but also in recurring Bitcoin price pressure that followed.
Bull Theory highlights a series of notable facts surrounding Jane Street. The firm reportedly generated $10 billion in trading revenue in a single quarter. Indian regulators previously banned the company from local markets and seized $570 million over alleged index manipulation. Jane Street is also facing legal scrutiny tied to the $40 billion Terra collapse that began on May 10, 2022.
Another point adds fuel to the speculation. Jane Street became one of the largest buyers of BlackRock’s IBIT Bitcoin ETF. That connection places the firm close to significant BTC liquidity channels.
Bull Theory focuses heavily on the repeated appearance of the number 10 in major Bitcoin price events. May 10 marked the start of the Terra collapse. October 10, 2025 saw $19 billion liquidated in one of the largest crypto crashes ever recorded. Claims of 10 AM Bitcoin daily sell pressure during US trading hours have also circulated online. Since the lawsuit against Jane Street emerged, BTC price has risen around 10 percent. Bitcoin has added roughly $120 billion in market value over that stretch. The broader crypto market expanded by nearly $200 billion.
🚨IS JANE STREET ALSO BEHIND THE OCTOBER 10TH CRASH, THE LARGEST LIQUIDATION EVENT IN CRYPTO HISTORY?
— Bull Theory (@BullTheoryio) February 25, 2026
Look at the pattern.
Jane Street:
• Made $10B in trading revenue in a single quarter, more than major Wall Street banks.
• Banned from India’s markets after regulators… https://t.co/MT35kBYxFd pic.twitter.com/D7WwthsHbC
Examining The Alleged 10 AM Bitcoin Price Pattern
The most debated claim involves consistent Bitcoin price weakness around 10 AM during US market hours. Bull Theory argues that systematic selling at that time may have suppressed BTC for months. The theory suggests retail traders faced repeated liquidations, only for price to recover later.
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No verified data currently confirms deliberate manipulation. Large firms often execute algorithmic strategies across multiple markets. Correlation does not automatically establish causation. Bitcoin price moves can stem from liquidity imbalances, derivatives positioning, macroeconomic releases, or ETF flows.
Still, timing patterns raise questions that analysts continue to examine. October 10 remains a statistical outlier due to the scale of liquidations. When BTC price falls during thin liquidity windows, cascading effects can magnify losses rapidly.
Bitcoin Price Recovery Adds A New Layer To The Debate
Since the recent legal action against Jane Street, Bitcoin price has recorded one of its stronger weekly performances in months. The BTC weekly candle turned green after 5 consecutive red weeks. A rebound alone does not confirm any coordinated suppression. Crypto markets often snap back after heavy liquidation events once leverage resets.
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Bull Theory frames the sequence of events as more than coincidence. The central question revolves around whether repeated patterns around major dates point to structural trading behavior or simply market randomness amplified by leverage.
Bitcoin price history shows that extreme liquidations often occur near emotional peaks or fragile support zones. October 10 may represent one of those structural breakpoints.
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