BlockBeats 消息，2 月 26 日，Jane Street 市场操纵猜测引发的比特币 ETF 机制讨论持续发酵，Bitwise 顾问 Jeff Park 就此发文表示，比特币价格是否被 Jane Street 压制这一问题并非针对单一机构，而是由比特币 ETF 架构中的结构型特征决定的。每个授权参与者（AP），包括 Jane Street Capital、摩根大通、高盛等，都拥有创设和赎回 ETF 份额的豁免权，这使得他们在市场中可以灵活操作仓位，包括使用期货或衍生品对冲，而不必购买现货比特币，从而可能影响价格发现机制。这种灰色操作空间源于监管豁免和 SEC 对实物交割的批准。尽管没有证据显示任何 AP 明确压制比特币价格，但现有结构可能改变价格形成的自然机制，值得监管和投资者关注。
彭博社 ETF 分析师 Eric Balchunas 回应表示，这种机制确实很难理解，我很好奇那些每天出现、然后又突然消失的「模式型抛售」背后是谁或什么力量在操作。比特币技术公司 Jan3 首席执行官 Samson Mow 则表示，成为 AP 并不是压制价格策略的唯一因素，关键在于他们未披露的交易和对冲活动有多「广泛」。这是让资本成本接近零的一个渠道。
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