“So then, the (21M) cap is irrelevant when Jane Street can fabricate unlimited synthetic supply through undisclosed derivatives stacked on top of its own ETF inventory.”

Now we know the answer to the price mystery. And color me not surprised.
Paper bitcoin…

https://x.com/1914ad/status/2026757796390449382?s=46&t=DG1JEc-EXQnoc72Rmx9dOA