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BTC 
ETH The founder of BTC.top sells half of its Ethereum holdings, and Bitcoin's rally faces its first test.
Jiang Zhuoer, founder of Bitcoin mining pool BTC.top and China A well-known figure in the cryptocurrency industry, said he has sold half of his Ethereum spot holdings. The move comes as Bitcoin's rally encountered significant resistance for the first time, with Bitcoin spot ETF experiencing a net outflow for the first time in more than a week.
Market signals: ETF capital flows and the Federal Reserve's hawkish stance
Jiang Zhuoer pointed out that the Bitcoin spot ETF had a net outflow of US$202 million last Friday, ending nine consecutive days of capital inflows. The change suggests short-term profit-taking behavior and buying demand may be cooling. In contrast, the Ethereum Spot ETF maintained a net inflow of $102 million, indicating that investors have a relatively stronger preference for Ethereum than Bitcoin.
Jiang Zhuoer also mentioned that Federal Reserve Chairman Kevin Walsh's hawkish remarks at the Jackson Hole seminar were one of the main factors affecting market sentiment. The combination of ETF outflows and the more aggressive Fed stance has created a challenging environment for risky assets, including cryptocurrencies.
First test since Bitcoin's rally started
According to Jiang Zhuoer's analysis, Bitcoin is currently facing its first major test since the recent rally began. He warned that overnight declines could mark the beginning of a downward trend. Jiang Zhuoer said he would closely monitor developments over the weekend to determine whether the correction would deepen or stabilize.
This development highlights the sensitivity of the cryptocurrency market to macro signals and institutional capital flows. The divergence of Bitcoin and Ethereum ETF flows may indicate that rotation is taking place within the asset class-investors prefer Ethereum due to its ongoing ecological upgrade and pledge gains.
Enlightenment for Investors
For market participants, Jiang Zhuoer's actions remind people of the inherent volatility of digital assets. The rally, previously driven by optimism over the approval of spot ETFs and institutional adoption growth, now faces a reality check amid macro headwinds. Investors should focus on key support levels and ETF money flow data over the next few days to gauge market direction.
Conclusion
Jiang Zhuoer's decision to reduce his position in Ethereum reflects his cautious attitude amid changes in market dynamics. The cryptocurrency market is at a critical turning point as funds from bitcoin ETFs flow out and the Federal Reserve's hawkish stance emerges. Whether this is just a temporary correction or a persistent correction will depend on weekend trading and upcoming economic data.
FAQs
Question: Why did Jiang Zhuoer sell half of his Ethereum holdings?
Answer: Jiang Zhuoer listed the outflow of funds from Bitcoin ETF and the hawkish stance of the Federal Reserve as the main reasons, implying that short-term downside risks may increase.
Question: What does the latest ETF fund flow explain?
Answer: Bitcoin ETF net outflow was US$202 million, while Ethereum ETF net inflow was US$102 million, indicating that relative demand for Ethereum is stronger.
Question: How does the Fed's Jackson Hole meeting position affect cryptocurrencies?
Answer: The hawkish Fed typically pushes up the dollar and raises interest rates, which could reduce liquidity and put pressure on risky assets, including cryptocurrencies.
