Jiang Zhuoer, founding father of the Chinese language mining pool BTC.TOP and one of many nation’s most acknowledged crypto figures reversed a strongly bearish stance on the market.
He now plans to maneuver his remaining capital into Ethereum, betting that ETH will outperform Bitcoin this cycle.
How Jiang’s Bearish Wager Backfired
Jiang beforehand offered ETH holdings between $1,738 and $1,931 and opened brief positions to hedge in opposition to additional draw back. When Ethereum surged previous $2,000 and saved climbing, these shorts misplaced cash.
He closed the positions and repurchased ETH close to $2,100, later promoting roughly half his spot holdings close to $2,525 whereas making an attempt to catch a short-term high with a good stop-loss.
Jiang stated he’s now roughly 90% assured the crypto bear market has ended, calling his earlier bearish name far off the mark.
His plan is conditional. If Bitcoin retraces to the $67,000- $72,000 vary, he’ll allocate all remaining funds to Ethereum. Ought to that pullback not occur, he intends to purchase ETH at market costs no later than the tip of October.
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He presently holds 20% to 30% of his supposed capital in USDT reserves, ready for the suitable entry level to redeploy the remainder.
Why Jiang Now Believes the Bear Market Has Ended
His thesis facilities on the ETH/BTC pair’s relative power, which he argues displays real demand fairly than easy rotation out of Bitcoin.
Jiang factors to rising US authorities assist for blockchain beneath the Trump administration and accelerating tokenization of shares and bonds as catalysts favoring smart-contract platforms like Ethereum.
“…This spherical, ETH is anticipated to outperform BTC. For instance, if BTC reaches 200,000 USDT, and the ETH/BTC alternate fee is 0.1, ETH will attain 20,000 USDT. (These are simply tough estimates, not truly calculated.)…,” Jiang stated on X.
BitMine’s Tom Lee has voiced the same view, citing the ETH/BTC ratio breaking above a multi-year downtrend, alongside tokenization tailwinds and rising demand from agentic AI purposes operating on Ethereum’s community.
As of August 23, Bitcoin trades close to $77,050, up roughly 22% for the week from ranges close to $63,000, based on BeInCrypto information. Ethereum has moved even quicker, climbing roughly 30% over the identical interval, from close to $1,880 to round $2,420.
That outperformance aligns with each Jiang’s and Lee’s renewed conviction, whilst Jiang continues to have interaction in lively short-term buying and selling round his broader bullish stance.
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Learn the Authentic story Prominent Bitcoin Miner Bets on Ethereum, Predicts ETH Will Beat BTC This Cycle by Luis Blanco at beincrypto.com
