Back in February, just around the time gold and silver had peaked at prices that seemed impossible just a year earlier...
... we warned readers that with Jane Street emerging as the biggest holder of SLV with almost 21 million shares, it was time to get the hell out of the precious metal as this HFT shop, best known for spawning SBF, the 10am slam of bitcoin, and constant, unforgiving market momentum (ignition), would now reverse its accumulation of silver - which its involvement had made a momentum stock - and would send its price plunging.
We have been huge silver bulls since 2009, but be very careful here: lots of financial engineering going on.
— zerohedge (@zerohedge) February 25, 2026
Jane Street not only added a record 20.6MM shares of SLV in Q4, it is now also the biggest holder of SLV pic.twitter.com/XNEiLz2ltZ
This is what happened to the price of silver since...
... driven in no small part by continued selling across the ETF space, where Jane has been the biggest seller, taking its total holdings from 20.7 million to just 6.7 million shares.
In short, like any marquee HFT company, Jane rides - and creates - the momentum elevator on the way up... and then rides it, and creates it, on the way down.
