Bitcoin surged on Wednesday, with the market speculating that it is related to the insider trading lawsuit involving Jian Street.

Bitcoin and other major cryptocurrencies surged significantly on Wednesday, with the market value increasing by over $170 billion. Analysts believe that this rebound was triggered by the insider trading lawsuit against Simple Street group. This surge coincided with speculation in the market - a large scale selling pattern that had been occurring around 10 AM Eastern Time suddenly stopped after the news of the lawsuit emerged. Cryptocurrency market commentator Bark wrote on the X platform, "Simple Street has been running an algorithm to sell Bitcoin precisely at 10 AM every day. Day after day, for months on end. Suppressing prices, liquidating retail investors, buying back at lower levels, and repeating the cycle. Once they were sued, this behavior stopped. The 10 AM selling pressure disappeared. Bitcoin had its best day in months." Onchain analyst Nonzee also agreed with this viewpoint. He stated, "For months, 10 AM meant one thing: Simple Street selling pressure." This digital asset researcher added, "Yesterday they were sued for insider trading. And what happened at 10 AM today? Bitcoin surged significantly." There is currently no public evidence to suggest that Simple Street systematically sold Bitcoin at a fixed time every day. Nonetheless, the timing of Wednesday's surge quickly sparked discussions on cryptocurrency social media, with many believing that the long-standing source of continuous selling pressure may have been relieved.