Crypto Market Today: Bitcoin and Ethereum Pump After Jane Street Lawsuit

The crypto market is flashing green today after days of pressure.

Total market capitalization has climbed to $2.27 trillion, up nearly 3% in 24 hours. Bitcoin is trading around $66,200, gaining more than 3% on the day. Ethereum has jumped close to 5%, now hovering near $1,935. XRP has also pushed higher toward $1.38, while Solana leads major altcoins with a 6% move.

The sudden strength comes at a curious moment.

The Jane Street Lawsuit Timing

Yesterday, trading giant Jane Street was sued in connection with allegations tied to the 2022 Terra-Luna collapse. The lawsuit claims the firm used insider information during the UST crisis to profit while the ecosystem unraveled.

While these are still allegations and remain unproven, the timing has sparked intense debate across crypto communities.

Why?

Because for nearly two months, traders had been complaining about what they call the “10 AM dump,” a recurring pattern where Bitcoin would sharply sell off around 10 AM market hours.

Today, for the first time in weeks, that pattern did not appear. Instead of a sharp rejection, Bitcoin and Ethereum moved higher.

Pattern or Pure Coincidence?

Online speculation has taken off.

Some experts are pointing to what they see as strange overlaps involving the number 10:

• May 10, 2022 — Luna collapsed from a $40 billion ecosystem to zero.
  
• 10 AM — the alleged daily Bitcoin sell-off hour.
  
• October 2025 — $19 billion liquidated in 24 hours, one of the largest liquidation events in crypto history.
  

Now, just one day after a lawsuit targets Jane Street, the so-called 10 AM selling pressure appears to have paused,and prices are rising.

It is important to stress that there is no confirmed evidence linking today’s price action to the lawsuit. Markets move for many reasons, including short covering, oversold technical conditions, and shifts in sentiment.

Market Conditions Still Fragile

Despite today’s bounce, the broader picture remains cautious. The Fear & Greed Index still sits at 11, signaling extreme fear. The average crypto RSI is near neutral territory after weeks of oversold readings.

Bitcoin remains below major resistance levels, and Ethereum is still recovering from recent losses. However, today’s rally has injected short-term optimism back into the market.

Whether this is the start of a sustained recovery or simply a relief bounce remains to be seen.