Key Highlights:
- Bitcoin crosses $70,000 and Ethereum posts strong gains as the crypto market adds over $170 billion after the ‘10 am dump’ phenomenon seemingly pauses.
- Analysts note a pause in the recurring late-morning sell-off pattern amid scrutiny of trading flows.
- ETF market structure and large exchange transfers continue to shape short-term price volatility.
Crypto markets recorded a strong rebound, with Bitcoin and Ethereum especially, seeing an uptrend as traders observed a pause in the much-talked about ‘10 a.m. dump’ pattern.
The global crypto market added more than $170 billion in value during the latest rally. Total market cap rose about 8% to nearly $2.5 trillion, which is one of the strongest single-day recoveries seen in recent weeks. The move comes after a period of steady market dips since late 2025.
Bitcoin, Ethereum Rally & ‘10 A.M. Dump’ Phenomenon
Bitcoin briefly crossed the $70,000 mark during the session, and briefly broke out of its recent downtrend. It later settled near $68,017.79 at the time of reporting. Ethereum also jumped sharply, and rose more than 13% and traded near $2,048.46. Other large-cap assets joined the rally, with Solana gaining over 15% as investor appetite for risk returned.
Market participants have closely observed a pattern often described as the “10 a.m. dump.” The phrase refers to a wave of selling pressure that tends to appear late in the morning US time. These episodes have triggered sudden price drops and liquidations of leveraged positions. Traders have long suspected that systematic or institutional activity may be behind the pattern.
Recent price strength has led some analysts to suggest that the pattern may have paused, at least temporarily. This behavioral change came amid intense attention on trading flows after a lawsuit filed by Terraform Labs. The case accused Jane Street of insider trading tied to the collapse of TerraUSD and Luna. Jane Street has denied the allegations and described the claims as baseless.
Market observer, Milk Road had argued that algorithmic selling around the same time i.e, 10 a.m each day contributed to the repeated declines. The idea has resurfaced alongside the lawsuit, although no verified evidence has confirmed such an activity. Analysts continue to caution that correlation alone does not establish intent or causation.
Other data points have attracted attention, too. A crypto wallet connected by some observers to Galaxy Digital reportedly transferred 280 Bitcoin to Binance in a span of nine hours on February 25. The transfer was valued at about $18.43 million. Its flow followed a separate transaction in which BlackRock moved 2,086 Bitcoin and 8,459 Ethereum out of accounts associated with Coinbase Prime.The combined value of those assets was close to $150 million at the time.
Large transfers to exchanges often raise eyebrows. Traders tend to read such activity as a sign that assets could be ready to be sold. In the wake of coins entering the exchange space, a fresh supply in order books is added to the supply in the system. That supplemental supply can be a drag on prices if demand won’t bear it. Analysts also point out that not all transferring leads directly to sale, since assets can also be moved to place them into custody or offer them as collateral. In the heat of the debate, Jeff Park of Bitwise added that the Jane Street concern ignores the bigger picture of Bitcoin exchange-traded funds. According to Park, authorized participants in ETF markets have the ability to create and hedge positions without necessarily buying spot Bitcoin. This structure can affect how price discovery unfolds across spot, futures, and ETF markets.
Everyone is asking: “Is Jane Street why Bitcoin isn’t at $150k?”
As expected, the answer is trickier than the question. But it’s also more structurally unsettling than the conspiracy theory itself—and once you understand the actual mechanics, you won’t be able to unsee them👇 pic.twitter.com/iLEeJpDeo4
— Jeff Park (@dgt10011) February 25, 2026
Park said no single participant is directly capping Bitcoin’s price. He argued that the design of ETF market-making can weaken natural arbitrage flows, especially when hedging is carried out using derivatives rather than spot purchases. This dynamic may influence short-term price behavior and contribute to bouts of volatility.
