{"id":22776,"date":"2026-02-26T07:13:39","date_gmt":"2026-02-26T07:13:39","guid":{"rendered":"https:\/\/bitunikey.com\/news\/is-jane-street-holding-bitcoin-below-150k-jeff-park-explains-the-grey-window-in-etfs\/"},"modified":"2026-02-26T07:13:44","modified_gmt":"2026-02-26T07:13:44","slug":"is-jane-street-holding-bitcoin-below-150k-jeff-park-explains-the-grey-window-in-etfs","status":"publish","type":"post","link":"https:\/\/bitunikey.com\/news\/is-jane-street-holding-bitcoin-below-150k-jeff-park-explains-the-grey-window-in-etfs\/","title":{"rendered":"Is Jane Street holding Bitcoin below $150K? Jeff Park explains the \u201cgrey window\u201d in ETFs"},"content":{"rendered":"<p><\/p>\n<div class=\"post-detail__content blocks\">\n<p class=\"is-style-lead\">As Bitcoin enthusiasts question why the digital asset hasn\u2019t yet hit the $150,000 milestone despite massive ETF inflows, Jeff Park, Head of Alpha Strategies at Bitwise, has provided a sobering look at the plumbing of the financial system.<\/p>\n<div id=\"cn-block-summary-block_5f694c5f4df8b6542ef2dc86100414e7\" class=\"cn-block-summary\">\n<div class=\"cn-block-summary__nav tabs\">\n        <span class=\"tabs__item is-selected\">Summary<\/span>\n    <\/div>\n<div class=\"cn-block-summary__content\">\n<ul class=\"wp-block-list\">\n<li>Jeff Park, Head of Alpha Strategies at Bitwise, argues Bitcoin\u2019s failure to hit $150,000 isn\u2019t manipulation but ETF structure.<\/li>\n<li>Authorized Participants (APs) can hedge ETF exposure using futures instead of buying spot Bitcoin, weakening the direct link between ETF inflows and price appreciation.<\/li>\n<li>The shift to in-kind redemptions and OTC sourcing may reduce public exchange buying pressure, potentially muting Bitcoin\u2019s explosive upside.<\/li>\n<\/ul><\/div>\n<\/div>\n<p><!-- .cn-block-summary --><\/p>\n<h2 class=\"wp-block-heading\">Bitwise\u2019s Jeff Park says Bitcoin ETFs, not Wall Street, are capping BTC price<\/h2>\n<p>In a detailed <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/x.com\/dgt10011\/status\/2026785209983619485\" target=\"_blank\" rel=\"nofollow\">post<\/a> on X, Park argues that the \u201cvillain\u201d isn\u2019t a single firm like Jane Street, but rather the structural architecture of the Bitcoin (BTC) ETF itself. <\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Everyone is asking: &#8220;Is Jane Street why Bitcoin isn&#8217;t at $150k?&#8221; <\/p>\n<p>As expected, the answer is trickier than the question. But it&#8217;s also more structurally unsettling than the conspiracy theory itself\u2014and once you understand the actual mechanics, you won&#8217;t be able to unsee them\ud83d\udc47 <a rel=\"nofollow\" target=\"_blank\" rel=\"nofollow\" href=\"https:\/\/t.co\/iLEeJpDeo4\">pic.twitter.com\/iLEeJpDeo4<\/a><\/p>\n<p>\u2014 Jeff Park (@dgt10011) <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/twitter.com\/dgt10011\/status\/2026785209983619485?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"nofollow\">February 25, 2026<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n<p>According to Park, Authorized Participants (APs) operate within a \u201cgrey window\u201d of Regulation SHO. While standard traders must locate shares before shorting, APs are exempt due to their role in creating and redeeming ETF shares. <\/p>\n<p>This allows them to maintain positions with a level of capital efficiency and duration that is \u201cindistinguishable from a regulatory arbitrage.\u201d<\/p>\n<p>    <!-- .cn-block-related-link --><\/p>\n<p>The most critical revelation involves how these institutions hedge. Typically, an arbitrageur would buy spot Bitcoin to close a price gap. <\/p>\n<p>However, if an AP chooses to hedge using Bitcoin futures instead of the underlying asset, the \u201cspot was never bought.\u201d This breaks the link between ETF demand and spot price appreciation.<\/p>\n<p>Furthermore, the recent transition to \u201cin-kind\u201d redemptions has removed the \u201cstructural governor\u201d that previously forced spot buying. APs can now source Bitcoin through private OTC desks with minimal market impact, effectively bypassing the public exchanges where price discovery happens.<\/p>\n<p>Park concludes that while no firm is explicitly \u201cmanipulating\u201d the market, the current regulatory framework, designed for traditional assets, is fundamentally at odds with Bitcoin\u2019s mission. <\/p>\n<p>The result is a system where the \u201cmiddle\u201d of the trade escapes categorization, potentially muffling the explosive price growth investors expected.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As Bitcoin enthusiasts question why the digital asset hasn\u2019t yet hit the $150,000 milestone despite massive ETF inflows, Jeff Park, Head of Alpha Strategies at Bitwise, has provided a sobering&hellip;<\/p>\n","protected":false},"author":1,"featured_media":15537,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-22776","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/22776","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/comments?post=22776"}],"version-history":[{"count":1,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/22776\/revisions"}],"predecessor-version":[{"id":22777,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/22776\/revisions\/22777"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media\/15537"}],"wp:attachment":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media?parent=22776"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/categories?post=22776"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/tags?post=22776"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}