A nan ne fassarar rubutun daga Turanci zuwa Hausa, ba tare da ƙara, canza, ko ba da shawarar wasu fassarori ba:
Jane Street ta rage yawan hannun jarinsa na Bitcoin ETF sosai a farkon kwata na 2026, inda ta yanke matsayinta a cikin IBIT na BlackRock da FBTC na Fidelity yayin da ta ƙara saka hannun jari a cikin Ether ETFs da wasu hannayen jari da yawa masu alaƙa da crypto. Wannan mataki ya sake tayar da hasashen cewa ɗaya daga cikin manyan kamfanonin ciniki a kasuwa na iya taka muhimmiyar rawa a cikin motsin farashin Bitcoin na baya-bayan nan — kuma cewa ƙaramin matsayi da aka ruwaito zai iya cire wani mahimmin tushen matsin lamba akan BTC.
Bisa ga sabbin bayanan 13F, Jane Street ta yanke matsayinta na IBIT da kusan 71% da matsayinta na FBTC da kusan 60% a Q1. Parker White, Babban Jami'in Gudanarwa kuma Babban Jami'in Zuba Jari na DeFi Development Corp (DFDV), ya sake duba hujjarsa ta farko daga Fabrairu. Ya ce a kan X cewa bayanan na iya taimakawa wajen amsa tambayoyin da ke yawo tun bayan wata babbar matsala ta cinikin IBIT a ranar 5 ga Fabrairu, lokacin da farashin Bitcoin ya fadi da kashi 18%.
"Yanzu a bayyane yake cewa Jane Street ta yanke hannun jarinsu na IBIT da FBTC da kusan 70% a Q1, bisa ga bayanan 13F," in ji Parker a kan X. "Shin sun sayar kai tsaye, ko kuma mafi kusantar, sun sami riba mai yawa a kan gajerun abubuwan da suka samu daga asali, wanda ba dole ba ne su bayar da rahoto? Har yanzu muna jiran ƙarshen ƙarshe ya fado tare da ɗayan abubuwan da ke iya haifar da fashewar."
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Shin Farashin Bitcoin Zai Tashi Yanzu?
Bayanan ba ya bayyana bayyanar da Jane Street ke da shi a cikin abubuwan da suka samu daga asali, kuma ba ya nuna ko kamfanin yana yin caca akan faduwar farashi, yana yin shinge, ko kuma yana da hannu a cikin cinikin ETF da samar da kasuwa. Wannan iyakancewa shine jigon muhawarar. 13F yana ɗaukar wasu dogon hannun jari a ƙarshen kwata, amma baya ba da cikakken hoto na zaɓuɓɓuka, swaps, futures, ko gajerun matsayi waɗanda zasu iya canza yadda ake fassara yanke da aka ruwaito.
Duk da haka, raguwar ta zama mahimmin batu na tattaunawa saboda da'awar farko cewa gano farashin Bitcoin na iya zama gurbatacce ta hanyar injiniyoyin cinikin ETF na gani. Jeff Park, mai ba da shawara a Bitwise, ya rubuta cewa Jane Street "ta yanke bayyanar ta Bitcoin ETF a Q1 2026," ta yanke IBIT da kusan 71% da FBTC da kusan 60%, kafin ya ƙara: "Gano farashin ya dawo kan menu."
Babban batun Park ba shine cewa kamfani ɗaya ya danne farashin Bitcoin da gangan ba, amma cewa tsarin ETF yana haifar da yanayi mai rikitarwa na samar da kasuwa. A cikin wannan yanayi, mahalarta da aka ba da izini na iya amfani da injiniyoyin ƙirƙira da fansa, abubuwan da suka samu daga asali, da shingen futures ta hanyoyin da zasu iya raunana alaƙa tsakanin buƙatar ETF da siyan Bitcoin na ainihi. A cikin wani rubutu na baya, ya bayyana batun a matsayin tsari maimakon makirci.
"Amsar gajeru ita ce, babu wani AP da ya danne farashin Bitcoin a fili," in ji Park. "Abin da tsarin AP zai iya danne shi ne mutuncin tsarin gano farashin kansa. Waɗannan ba abu ɗaya ba ne — amma na biyu yana da mahimmanci fiye da na farko."
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Wannan bambance-bambance yana da mahimmanci ga hangen nesa mai kyau. Idan bayyanar Jane Street ta Bitcoin ETF da aka ruwaito ta riga ta ragu sosai, wasu 'yan kasuwa na iya ganin bayanan a matsayin shaida cewa an ɗaga wani babban tushen matsin lamba mai alaƙa da ETF. Parker ya ci gaba, yana ba da shawarar cewa Jane Street "da alama ba ta son zama gajeriyar BTC har abada" kuma cewa masu lura su "duba su fara sake tara a Q2." Tunanin hasashe ne, amma ba mara tushe ba. Wani bayyanannen tunanin kasuwa: idan babban kamfanin ciniki yana da hannu a cikin dabarun da suka haifar da matsin lamba na ci gaba ta hanyar ETFs ko abubuwan da suka samu daga asali, to raguwa a cikin hannun jarinsa na Bitcoin ETF da aka ruwaito — haɗe da kowane ƙarshe na sakin matsayi masu alaƙa — zai iya taimakawa wajen mayar da kasuwa zuwa ga gano farashin da ya fi tsabta, wanda ya dogara da gani. Wannan shine yanayin mai kyau da aka nuna a cikin rubutun: ba wai kawai Jane Street ta sayar ba, amma cewa cinikin na iya riga ya ƙare.
A lokaci guda, Jane Street ba ta fita gaba ɗaya daga bayyanar crypto ba. Kamfanin ya ƙara hannun jarinsa a cikin BlackRock da Fidelity Ether ETFs, kuma ya ƙara matsayi a Riot Platforms, Coinbase, da Galaxy Digital, yayin da ya yanke Strategy da wasu hannayen jarin hakar ma'adinai na Bitcoin da yawa. A lokacin bugawa, BTC yana ciniki a $79,783. Hoton da aka ƙera tare da DALL.E, ginshiƙi daga TradingView.com.
Tambayoyin da Aka Yi Yawa
Ga jerin tambayoyin da aka yi yawa bisa ga labarin cewa Jane Street ta rage hannun jarinsa na Bitcoin ETF da kashi 71, wanda aka tsara a matsayin alama mai kyau
Tambayoyin Matakin Farko
1. Dakata, Jane Street ta sayar da mafi yawan hannun jarinsa na Bitcoin ETF. Wannan ba mummunan abu bane ga crypto?
Ba lallai ba. Jane Street kamfani ne na ciniki na ƙwararru, ba mai saka hannun jari na dogon lokaci ba. Sau da yawa suna saye da sayarwa da sauri don cin riba daga bambance-bambancen farashi ko don sarrafa haɗari. Rage matsayi baya nufin suna tunanin Bitcoin ya ƙare, sau da yawa yana nufin sun kulle riba ko kuma sun daidaita bayanan ayyukansu.
2. Menene Bitcoin ETF?
Asusu ne da ke ba ka damar siyan hannun jari da ke wakiltar Bitcoin, kamar siyan haja. Ba ka buƙatar damuwa da walat ɗin crypto ko kalmomin sirri. Jane Street tana riƙe da hannun jari a cikin asusun kamar BlackRock's iShares Bitcoin Trust.
3. Ta yaya sayar da kashi 71 na wani abu zai zama alama mai kyau?
Domin yana nuna cewa cinikin ya yi nasara. Idan Jane Street ta sayi ƙasa kuma ta sayar da sama, wannan nasara ce. Alamar mai kyau ita ce, da alama sun sami kuɗi daga cinikin, kuma ficewarsu na iya nuna suna ganin kasuwa ta isa ta daidaita don su fitar da kuɗi — maimakon firgita.
4. Wannan yana nufin Jane Street tana tunanin Bitcoin zai tafi sifili?
A'a. Idan suna tunanin ba shi da amfani, da sun sayar da kashi 100, ba 71 ba. Rike da kashi 29 yana nuna har yanzu suna ganin wani darajar ko suna son ci gaba da kasancewa don cinikai na gaba.
Tambayoyin Matsakaicin Mataki
5. Me yasa kamfani kamar Jane Street zai yanke matsayinsa da kashi 71 a cikin kwata ɗaya?
Jane Street mai samar da kasuwa ne kuma kamfanin ciniki na arbitrage. Da alama sun sayi hannun jarin ETF don ɗaukar rangwamen lokacin da farashin ETF ya kasance ƙasa da ainihin farashin Bitcoin. Da zarar tazarar farashin ta rufe, sun sayar don riba. Ragewar kashi 71 shine kawai rufe wannan takamaiman ciniki.
6. Wannan siyarwa na iya zama wani ɓangare na dabarun rage haɗari?
E, amma wannan ba lallai ba ne mummunan abu. Kamfanonin ciniki sau da yawa suna rage matsayi masu haɗari kafin abubuwa kamar tarurrukan Fed ko ranakun ƙarshe na biyan haraji. Idan Jane Street ta yanke bayyanar Bitcoin don sakin kuɗi don wasu damar, alama ce ta sarrafa bayanan ayyuka mai wayo, ba firgita ba.
7. Menene alama mai kyau ke nufi a nan idan har yanzu suna sayarwa?
Yana nufin kasuwa tana girma. Farkon ETF