Crypto
BTC Founder Takes Short Position, Warns of Possible Price Drop
The Bitcoin price dropped to $79,200 after the release of US non-farm payroll figures for August. Following this decline, Jiang Zhuoer, founder of the BTC.top mining pool, announced that he has taken a short position in Bitcoin at approximately $82,050.
Jiang cited weakening money flows in spot BTC ETFs as a key reason for taking a short position on Bitcoin. He stated that despite seeing the first net outflow from ETF funds, he viewed Bitcoin's rise to around $81,500 as a selling opportunity.
Jiang expects Bitcoin to retreat to the $70,000-$72,000 range and considers this region to be the last buying opportunity for Bitcoin. If Bitcoin rises towards the $83,000-$84,000 region, he will cut his losses at $82,300.