Jackson Mikalic, Michael Tanguma, and guest Liam Nelson break down the viral Jane Street expose, examining allegations that the trading firm was running an ETF options arbitrage strategy that suppressed Bitcoin's price. The group traces the backstory through the Terra/UST algorithmic stablecoin collapse of 2022, exploring how intertwined positions may have created sustained downward pressure on Bitcoin markets. They discuss the broader implications for Bitcoin market structure, who truly controls price in a derivatives-heavy environment, and why individual self-custody remains the most reliable protection against institutional bad actors.