The post Not Jane Street, not Binance: Why Bitcoin is really down appeared on BitcoinEthereumNews.com.

Bitcoin’s recent slide has reignited a familiar pattern in crypto markets: when prices fall sharply, speculation quickly turns toward culprits.  This time, fingers have pointed at Jane Street, Binance, Wintermute, and even unnamed macro hedge funds allegedly dumping BTC at specific hours of U.S. trading. But a closer look at Bitcoin’s price structure tells a far less dramatic — and far more consistent — story. The Bitcoin sell-off began long before February Bitcoin’s decline did not start with a single event or headline. After topping out in the fourth quarter, price action shifted into a prolonged period of lower highs and choppy consolidation.  That phase, visible well before February’s sharp leg down, is typically associated with distribution, not panic. Large holders appeared to be reducing exposure gradually rather than exiting all at once. That process often involves a mix of spot selling, leverage reduction, and options strategies such as writing calls — none of which show up as a single “dump” on the chart. By the time Bitcoin accelerated lower into the low-$60,000 range, much of the damage had already been done. February’s drop was forced, not coordinated The steep sell-off in February coincided with a spike in trading volume and volatility, hallmarks of forced selling rather than controlled liquidation.  Source: TradingView Liquidation cascades, margin calls, and volatility-driven de-risking tend to compress into short timeframes once price breaks key support levels. If a single firm or market maker were responsible, price action would likely have appeared smoother and more contained. Instead, the move lower was sharp, disorderly, and accompanied by heavy volume near the lows — a pattern more consistent with capitulation than manipulation. Why conspiracy theories keep resurfacing Narratives about Jane Street and other large firms have gained traction, partly due to recent legal and regulatory developments. This includes…

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Filed under: News - @ February 26, 2026 11:19 pm