Jane Street Lawsuit Sparks "Number 10" Theory in Cryptocurrency Market

The recent lawsuit against Jane Street alleging market manipulation in cryptocurrencies and options has caused a stir among traders. Observers note that the daily liquidity sell-offs at 10 a.m. stopped immediately after the lawsuit was made public, fueling speculation about a "stop and end" effect.
The lawsuit accuses Jane Street of using complex algorithms and internal-level order flow data to front-run retail liquidations. Analysts associate this with the so-called "Number 10" model: major events such as the Luna collapse on May 10, 2022 ($40 billion wiped out), the $19 billion liquidation on October 10, 2025, and daily sell-offs at 10 a.m., called the "Jane Window."
Strategies employed by organizations, such as asymmetric order book access and targeting stop-loss clusters, often give firms like Jane Street, Citadel, and Jump Trading an advantage over retail traders. Many believe that the strong bullish run in cryptocurrencies remains limited until such behaviors are banned.