Bitcoin Rally Hits First Roadblock as BTC.top Founder Cuts ETH Holdings

Zhuoer Jiang, founder of mining pool BTC.top, has sold half his spot Ethereum holdings as Bitcoin's rally encounters its first significant resistance. The move comes amidst net outflows from Bitcoin spot ETFs for the first time in over a week.

Jiang cited the $202 million in net outflows from Bitcoin spot ETFs on Friday as one of the reasons for his decision to reduce his ETH position. This shift suggests short-term profit-taking and a potential cooling of buying demand, according to Jiang.

Contrary to Bitcoin, Ethereum spot ETFs maintained $102 million in net inflows, indicating relatively stronger investor appetite for ETH compared to BTC. The divergence between the two asset classes may indicate a rotation within the crypto market, with investors favoring ETH amid its ongoing ecosystem upgrades and staking yields.