After Manipulating Bitcoin, Now Silver? Jane Street Becomes Largest ETF Holder, Silver Plunges 30% in One Month

Jane Street set a record last quarter by increasing its holdings of 20.6 million shares of BlackRock’s iShares Silver ETF, becoming the ETF’s largest holder. After the news broke at the end of February, silver prices sharply declined from their late-February highs, dropping nearly 30%, with a market value loss of over $1.4 trillion. The timing of this decline has sparked suspicions of market manipulation.

(Background: Jane Street accused of manipulating crypto markets with “daily 10 a.m. dump” tactics, causing Bitcoin to surge 10% immediately after lawsuit)

(Additional context: Don’t let the market tell your story: A practical guide to investor relations for projects)

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• Who is Jane Street: One of the world’s largest market makers
• Terraform Labs sues Jane Street for insider trading
• The “daily 10 a.m. dump” suspicion

At the end of February, Bloomberg terminal data revealed that the top global market maker Jane Street set a record in Q4 2024 by massively increasing its holdings of 20.6 million shares of BlackRock’s iShares Silver ETF, making it the largest holder of the fund.

Shortly after this disclosure, spot silver prices plummeted from their late-February peak, falling nearly 30% by this week. The market value of global silver evaporated by over $1.4 trillion during this period.

We have been huge silver bulls since 2009, but be very careful here: lots of financial engineering going on.

Jane Street not only added a record 20.6 million shares of SLV in Q4, it is now also the biggest holder of SLV pic.twitter.com/XNEiLz2ltZ

— zerohedge (@zerohedge) February 25, 2026

Although there is no direct evidence that Jane Street actively shorted or manipulated the silver market, the timing of its increased holdings and the sharp decline has sparked widespread discussion in social and financial circles.

Some believe that this institution, known for ETF arbitrage and commodities market making, has the technical capability to hold large long positions while using derivatives for hedging or even inverse trading. However, this remains speculation without concrete proof.

THIS CAN’T BE A COINCIDENCE.

On 25th Feb, it was reported that Jane Street has now become the biggest holder of BlackRock Silver ETF.

Since then, Silver has dumped 28.27% and wiped out $1.4 trillion.

After manipulating BTC, Jane Street might have started manipulating Silver… pic.twitter.com/qOdxjKChYa

— Ash Crypto (@AshCrypto) March 21, 2026

Who is Jane Street: One of the world’s largest market makers

Jane Street is a quantitative trading firm headquartered in New York, specializing in ETF arbitrage, commodities, and derivatives markets. It generates substantial annual profits and holds a dominant position in ETF liquidity provision. Its operations span stocks, fixed income, cryptocurrencies, and commodities, making it one of the few institutions with “pricing influence” in global financial markets.

Holding large amounts of a particular ETF is not unusual for Jane Street. Market making inherently requires holding significant assets to meet buy-sell demands. However, becoming the largest holder of the iShares Silver ETF suggests a scale far beyond typical market making needs, which is why some market observers find it unusual.

Terraform Labs sues Jane Street for insider trading

In late February, reports emerged that Terraform Labs’ bankruptcy trustee filed a lawsuit against market maker Jane Street. Court documents allege that Jane Street withdrew about $85 million in UST liquidity from Curve pools just hours before the Terra/LUNA ecosystem collapse in 2022, implying potential insider trading.

Jane Street denies these allegations, claiming they lack basis. This is not the company’s first controversy; in July 2025, Indian regulators fined Jane Street $540 million for alleged derivatives market manipulation.

The “daily 10 a.m. dump” suspicion

Beyond the lawsuit, the crypto community has focused on the phenomenon of “10 a.m. sell-offs.” Over recent months, traders have observed that Bitcoin often experiences sharp, patterned sell-offs around 10 a.m. Eastern Time, coinciding with U.S. stock market open hours.

Many market participants suspect this regular selling pressure is not natural but possibly orchestrated by market makers using algorithms to execute timed dumps.

Analysis firm Bull Theory noted that after the lawsuit news, this two-month-long “relentless selling” pattern temporarily paused. The daily 10 a.m. sell-offs suddenly stopped on the day of the lawsuit, deepening the perceived link between Jane Street and Bitcoin market volatility.

The bogeyman is gone… That’s the vibe rn on CT and in the price action today. I get it too, that big daily dump seemed to kill every rally and everyone’s spirit. Is eliminating it enough for a sustained rebound? I guess we’ll find out. https://t.co/nOau2SPMbz

— Eric Balchunas (@EricBalchunas) February 25, 2026

Regarding silver’s future, market analysts are primarily concerned with whether Jane Street’s SLV holdings are for long positions or hedging purposes.

If for hedging, then during silver’s sharp decline, the losses on its long positions should be offset by profits from derivatives shorts. No further updates on SLV holdings have been released yet; market clues may emerge after the next 13F filing.