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Bitcoin (CRYPTO: BTC) has dropped 11.5% over the past month amid weakening ETF inflows and slowing corporate accumulation, but a repeated intraday pattern may be the real culprit.
What Happened: According to a detailed analysis by market commentator Bull Theory, Bitcoin has consistently seen sharp selloffs exactly at the U.S. market open, often erasing hours of gains within minutes.
This behavior has been observed since early November and was also present in Q2 and Q3.
Market commentators, including ZeroHedge, suggest that high-frequency trading giant Jane Street might be driving this pattern.
Their suspected strategy: sell aggressively at the market open, push BTC price into liquidity pockets, buy back cheaper and repeat the cycle to accumulate size.
This approach could allow a firm with deep liquidity and speed like Jane Street to build a large BTC position at discounted prices.
They now reportedly hold around $2.5 billion worth of Bitcoin via BlackRock's IBIT ETF.
Also Read: Bitcoin Holds $90,000 As Ethereum, XRP, Dogecoin Wobble On Weak ETF Inflows
Why It Matters: Bull Theory notes that recent Bitcoin dips appear driven by strategic trading from large players rather than deteriorating fundamentals. Once this accumulation phase ends, BTC could resume its upward trajectory.
Crypto trader Wess added that Bitcoin remains pinned near $90,000 as markets brace for tomorrow's Fed decision. Traders are pricing in an 87% probability of a 25-basis points rate cut, but Jerome Powell's tone will dictate the next move.
Institutional demand remains firm, highlighted by Strategy's (NASDAQ:MSTR) latest purchase of 10,624 BTC, while retail participation remains muted.
Ethereum (CRYPTO: ETH), XRP (CRYPTO: XRP), and the broader altcoin market continue trading sideways.
With the FOMC decision less than 24 hours away, volatility is expected to spike.
A hawkish tone could trigger another drop, while a dovish Powell may spark an immediate breakout.
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