The narrative going around today: Jane Street is dumping Bitcoin. The reality is more interesting.
**What a 13F filing actually is:**
A 13F is a quarterly SEC disclosure that shows institutional long positions. It does not include short positions, futures contracts, options, swaps, or any other derivatives. For a passive fund, this gives you a clean picture. For a market maker? It's half the story.
Jane Street is not a passive fund. They are one of the largest and most sophisticated quantitative trading firms in the world โ known for running arbitrage strategies across every major asset class at massive scale.
**What basis trading looks like on a 13F:**
Basis trade = Buy spot ETF (appears in 13F as a long position) + Sell BTC futures simultaneously (does NOT appear in 13F)
When the futures premium compresses โ meaning the spread between spot and futures narrows โ the firm exits the s...
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