Bitcoin mining pool founder sells all BTC holdings

Core Points

Jiang Zhuoer disclosed that he sold all of his BTC positions for US$77,226.

The post did not disclose the size of the transaction.

BTC positions are not equivalent to spot Bitcoin.

This disclosure did not show that BTC.TOP (Leybit Mining Pool) sold off.

If you can track the flow of funds in specific wallets, it will provide stronger evidence.

What did Jiang Zhuoer actually disclose

In a public trading record released by Platform X, Jiang Zhuoer wrote that he sold 100% of his BTC position for US$77,226. The post stated that he closed the position at a specific price, but did not specify the specific financial instrument behind it.

Jiang Zhuoer did not disclose the amount involved, trading venue, wallet address, transaction confirmation information, nor did he say whether the position consisted of spot bitcoin, futures contracts or other derivatives. These missing details limit the scope of information the post can establish about Bitcoin supply or miners 'activities.

Evidence verification: What does the disclosure support

It shows:

Jiang Zhuoer publicly recorded a full-position sale of a BTC position at a price of US$77,226.

It does not show:

the amount of funds involved, and whether any bitcoins have changed hands in the spot market.

It cannot prove that

BTC.TOP, its associated miners or the broader mining industry sold Bitcoin.

A transaction by a founder of a mining pool does not equal a pool sell-off

BTC.TOP is a mining pool, not a public record of its founder's wallet. Mining pools pool the computing power of participating miners, and miners and pool operators can each independently determine their Bitcoin rewards, reserves and hedging strategies.

This leads to three different types of selling behavior, often collectively referred to as "miner selling," that have vastly different effects on the available supply of Bitcoin:

1. Founders 'personal transactions: This reflects an individual's market view. Because the scale was not disclosed, it was impossible to compare it with Bitcoin's daily spot demand.
2. Reward fund flow from the mine pool: This is related to the payments and rewards of participating miners. They do not automatically belong to the founder's personal positions.
3. Mining company's treasury sell-off: This is a company's capital allocation decision. Through public filings, financial reports, or identifiable wallet funds flow, you can see whether tokens were actually sold to fund operations, repay debt, or expand.

Jiang Zhuoer's post belongs to the first category. There is no indication that BTC.TOP reserves or newly mined bitcoins have entered the market. Treating it as a sell signal for the entire industry turns personal disclosures into accusations that lack evidence to support.

"Sell" may describe more than one Bitcoin transaction

The wording is important because the scope of "BTC position" is broader than the scope of "wallet balance." Traders may sell cash bitcoin they already have; they may close long futures positions; and they may even establish or increase positions in bearish derivatives. Each behavior may reflect short-term negative views, but only the first behavior will inevitably create immediate supply in the spot market.

Readers need to understand this practical difference when public figures release transaction updates. Spot sales increase the number of tokens available to buyers; derivatives trading mainly changes market positioning and may affect funding rates, clearing or futures market sentiment, and may not necessarily have the same number of bitcoins sold on pending orders.

Jiang Zhuoer's brief statement did not determine which of the above occurred. Therefore, accurate interpretation should be more cautious: he disclosed that he had completely exited or sold his alleged BTC position at $77,226. In the absence of further evidence, this should not be interpreted as "he sold all of his Bitcoin holdings."

Why US$77,226 is a price to pay attention to

Since the size of the position is unknown, the clearest objective background is the price level. A recent review of Bitcoin's trading range shows that the first daily support level is close to US$76,600, while US$79,500 to US$80,000 remains an immediate resistance area that Bitcoin is difficult to recover.

Jiang Zhuoer's claim of exit prices is close to support rather than resistance. A break below the support level will strengthen the underlying downside risks of the trade; a recovery above the resistance level will weaken this short-term bearish view. However, either outcome cannot prove that his position moved Bitcoin, nor does it represent the general view of the miners community.

While miners reduce their holdings, immediate selling pressure may cool down

The broader mining landscape is more complex than a single high-profile deal. Publicly listed mining companies may sell Bitcoin from the treasury to fund new infrastructure, pay off debt or shift capital to artificial intelligence and high-performance computing. At the same time, the amount of money they transfer to exchanges on a daily basis may decrease.

This divergence was already visible in March analysis of miners funding AI expansion. Large strategic treasury cuts and low recent miners 'exchange outflows can coexist because they measure different things: one-time capital decisions versus tokens currently entering the market.

Jiang Zhuoer's disclosure cannot tell readers which of the two models, if any, applies. It does not contain reserve data, miner wallet data, and there is no evidence that the transaction is related to the operation of BTC.TOP. This is why founders 'market views should not be used as a shortcut to analyzing supply conditions in the mining sector.

How can this be transformed into a real supply signal

A more convincing market story requires evidence that goes beyond posts. This may include disclosed transaction sizes, statements that the position represents company reserves, transfers from identifiable miners 'wallets to exchanges, or a continued increase in total miners' outflows. Even so, exchange deposits only show that the token has become available for trading, not that a spot sale has been completed.

What we know so far is that Jiang Zhuoer publicly recorded a sale of all BTC positions near key support areas. The next important piece of evidence is whether identifiable miners 'wallets or reserves associated with mining pools are starting to move bitcoins to exchanges in unusually large quantities, accompanied by signs that these coins are being sold rather than just relocated.