BTC.top Founder Sells Half ETH Holdings Amid Bitcoin Rally's First Major Test

Zhuoer Jiang, founder of mining pool BTC.top and a prominent figure in China's crypto industry, has sold half of his spot Ethereum holdings. The move comes as Bitcoin's rally encounters its first significant resistance.

The recent surge in Bitcoin prices has been fueled by optimism over spot ETF approvals and growing institutional adoption. However, the market is now facing its first major test since the rally began.

Jiang cited Bitcoin spot ETF outflows of $202 million on Friday as a key reason for his decision to sell. He also pointed to a hawkish stance from Federal Reserve Chairman Kevin Warsh at the Jackson Hole symposium as a major factor influencing market sentiment.

The combination of ETF outflows and a more aggressive Fed posture has created a challenging environment for risk assets, including cryptocurrencies. Jiang warned that Bitcoin is now facing its first major test since the recent rally commenced, and he will closely monitor developments over the weekend to gauge whether the correction deepens or stabilizes.