The second part follows logically.

If large movements of money manipulate the market then when would “manipulation” be used to claim an actor was misbehaving?

1) they did a special kind of manipulation clearly against the rules 2) they didn’t do anything different, but the regulators decided they didn’t want them to.

2 would be exactly what I said - their activity has acquired political interest.

Janestreet and its graduates earned a reputation, and it’s not a flattering one.