Understanding 13F Filings: Why Jane Street’s "71% Drop" in BTC ETFs might be a Delta-Neutral play

Jane Street's 71% drop in Bitcoin ETF holdings may be a delta-neutral play, as the company is managing a delta-neutral book and the reduction likely reflects the closing of basis trades as premiums narrowed. The 13F filings only show half the story for firms like Jane Street. This does not indicate a loss of faith in BTC.