Gate Research: Circle Tops $90 | Jane Street Accused of 10 a.m. BTC Dump

Crypto Market Overview

• BTC (-0.37% | Current Price: 67,228 USDT): BTC previously plunged to $62,501 before stabilizing and rebounding, reaching an intraday high of $70,003. It later pulled back and is now consolidating above $67,000. Overall, market sentiment has notably recovered, though short-term price action has entered a consolidation phase. Technically, a golden cross between MA5 and MA10 at lower levels fueled the rebound. Moving averages are now flattening, with price fluctuating around MA30 as short-term bulls and bears intensify their battle. Volume expanded significantly during the rally but has recently contracted, indicating slowing momentum. Resistance is seen at $68,000–$69,000; a breakout could lead to another test of $70,000, while support is near $66,000 if price pulls back. The overall structure remains relatively strong but range-bound.
• ETH (-0.30% | Current Price: $2,021): ETH followed the broader market decline and formed a short-term bottom around $1,800 before rebounding sharply to a high of $2,148. After profit-taking, it is now consolidating near $2,020, maintaining a high-level range structure. A golden cross between MA5 and MA10 supported the rally, accompanied by strong volume expansion, signaling capital inflows. Short-term moving averages are flattening, while MA30 has turned upward, offering mid-term support. Volume has declined during consolidation, indicating a healthy post-rally correction. Resistance lies at $2,050–$2,080; a breakout above $2,100 could retest $2,148, while support is seen at $1,980–$2,000. Overall, ETH remains relatively strong but with slowing momentum.
• Altcoins: Most major altcoins posted mild declines, with sentiment hovering between “neutral” and “buy.” The Fear & Greed Index stands at 13, remaining in the extreme fear zone, suggesting that market confidence has yet to recover.
• Macro: On February 27, the S&P 500 fell 0.54% to 6,908.86; the Dow Jones rose 0.03% to 49,499.20; and the Nasdaq declined 1.18% to 22,878.38. As of February 27, 11:07 (UTC+8), spot gold was trading at $5,182.27 per ounce, down 0.06% over 24 hours.

Trending Tokens

POWER – Power Protocol(+113.53%, Circulating Market Cap: $407M)

According to Gate market data, POWER is currently trading at approximately $1.93, up 113.53% in the past 24 hours. Power Protocol provides economic and technical infrastructure for gaming, consumer applications, and on-chain entertainment, supporting multiple ecosystem use cases through a unified token system integrated with various game developers.

Recent gains are attributed to significantly increased trading activity across both DEX and CEX platforms, reflecting rising investor interest. Additionally, its narrative tied to GameFi and on-chain entertainment infrastructure has attracted risk-on capital and fueled short-term momentum. However, volatility and capital rotation effects remain notable, with sentiment playing a significant role in the rally.

RAVE – RaveDAO (+34.27%, Circulating Market Cap: $88.26M)

RAVE is currently trading at $0.38182, up 34.27% in 24 hours. RaveDAO is a crypto-powered entertainment ecosystem centered on music events and Web3 community experiences, expanding its influence through global offline events and partnerships.

The recent price surge reflects broader market sentiment improvement and renewed capital inflows into small-cap assets. Increased trading activity and whale withdrawals from exchanges reducing circulating supply have also supported momentum. However, the latest gains appear largely driven by short-term sentiment and capital rotation dynamics.

DENT – Dent (+83.70%, Circulating Market Cap: $35.03M)

DENT is trading at $0.0004034, up 83.70% over the past 24 hours. Dent focuses on decentralized mobile data and eSIM trading, aiming to build a peer-to-peer telecom asset marketplace.

The rally appears to be largely speculative and momentum-driven. Capital rotation into small-cap, high-volatility tokens boosted DENT’s visibility and inflows, with technical breakouts supported by sharp volume spikes. Social media discussions linking the token to upcoming industry events further fueled activity. Some analysts note that part of the surge may be driven by short squeezes, raising the risk of profit-taking at higher levels.

Alpha Insights

Suspected Insider Profits Over $411K Betting on ZachXBT’s Axiom Allegations

According to on-chain tracker @lookonchain, a Polymarket user “predictorxyz” (suspected insider) heavily bought “Yes” shares in a market predicting whether ZachXBT would accuse Axiom of insider trading. The position was built at $0.138 with an estimated $65,800 investment. Following the market’s final resolution as “Yes,” the account reportedly earned approximately $411,400, becoming one of the largest beneficiaries of the event.

Previously, on-chain investigator ZachXBT alleged that Axiom employees abused internal tools since early 2025 to track private wallet activity and conduct insider trading. Axiom, founded in 2024 and part of Y Combinator’s Winter 2025 batch, has drawn significant attention following the controversy.

Claims of Jane Street “Manipulating the 10 a.m. Bitcoin Drop” Lack Evidence

Viral claims on X allege that Jane Street systematically pushed Bitcoin lower at 10 a.m. ET to accumulate spot ETFs at a discount. However, market data and analysis from economist Alex Kruger show no consistent pattern of coordinated dumping, with price movements closely mirroring Nasdaq risk repricing instead. As an authorized participant (AP) in spot Bitcoin ETFs, Jane Street’s trading activity must be viewed within ETF mechanics, including in-kind creations and hedging strategies. No on-chain or exchange data currently support allegations of coordinated price suppression.

Circle Shares Break Above $90, “Clearly Decoupled” from Crypto Trends

Circle shares surged past $90 following stronger-than-expected earnings, with analysts at Bernstein reiterating an “Outperform” rating and a $190 price target. Revenue and adjusted EBITDA exceeded expectations, and USDC circulating supply is projected to grow at a 40% CAGR. Mizuho raised its price target to $90 while maintaining a neutral stance, highlighting prediction markets like Polymarket as visible, scalable USDC use cases. However, potential rate cuts could weigh on reserve income, which remains a key revenue driver for Circle.


References

• Gate, https://www.gate.com/trade/BTC_USDT
• Farside Investors, https://farside.co.uk/btc/
• Gate, https://www.gate.com/trade/ETH_USDT
• Gate, https://www.gate.com/trade/GT_USDT
• Gate, https://www.gate.com/price
• X, https://x.com/lookonchain
• Coindesk, https://www.coindesk.com/markets/2026/02/26/why-crypto-x-thinks-jane-street-crashed-bitcoin-and-what-s-actually-behind-the-10-am-slam
• The Block, https://www.theblock.co/post/391518/circle-shares-90-bernstein-divergence-crypto-mizuho-polymarket-boost

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Disclaimer
Investing in cryptocurrency markets involves high risk. Users are advised to conduct their own research and fully understand the nature of the assets and products before making any investment decisions. Gate is not responsible for any losses or damages arising from such decisions.