The mystery of the disappearing 10 o'clock sell-off—did the market maker "get called out" and pull back?

Recently, the most mysterious thing in the market isn't the candlestick patterns but the schedule—over the past period, almost every day at "10 o'clock sharp," there has been a ritual of dumping in the crypto world. Now, after news of a lawsuit against Jane Street emerged, this "alarm-clock-style selling pressure" suddenly vanished. Coincidence? Or has the liquidity structure really changed?
Let's start with the rational perspective: the core of market makers is risk hedging, not "malicious dumping." When regulatory, public opinion, or legal risks intensify, strategies may indeed tighten, especially high-frequency and cross-market arbitrage models. Once liquidity contracts, short-term selling pressure naturally diminishes. In other words, it's not necessarily "chickening out," but rather "risk control buttons being pressed."
Now, the market perspective: when everyone is watching for the 10 o'clock mark, it becomes a self-fulfilling selling moment. Once external events break expectations, and shorts hit the brakes, it can actually trigger emotional covering. Trading is never just about capital; psychology plays a crucial role.
Conclusion? Lawsuit might be a catalyst, but what truly changes the rhythm is the "rupture of expectations." When the market no longer fears 10 o'clock, candlesticks will naturally dare to rise.