Bitcoin’s recent rally sparked debate about the influence of Wall Street market makers, specifically after online claims suggested a link between price moves and legal action against Jane Street, a major trading firm. Some speculated that changes in intraday trading patterns were due to this lawsuit. However, ETF experts explained that focusing on one firm oversimplifies the market dynamics. Spot Bitcoin ETFs use authorized participants who can create or redeem ETF shares without immediately buying or selling on public Bitcoin exchanges. Regulatory exemptions allow these participants to fulfill ETF demand flexibly, meaning ETF inflows do not always result in immediate spot market purchases. This disconnect can weaken the direct relationship between ETF demand and spot prices. Analysts also noted that institutional players often favor derivatives like futures, which may trade at a premium, to hedge exposure and capture additional yield. This structure can mute rallies and lead to sharper corrections when futures positions are unwound. The practices described are legal, highlighting that Bitcoin price discovery is shifting toward institutional, derivative-led markets rather than spot exchanges, with institutional incentives often prioritizing arbitrage and yield over spot support.