BTC.TOP Founder Shifts Bearish View Amid Market Rebounds

Jiang Zhuoer, the founder of BTC.TOP and a prominent figure in China's cryptocurrency mining sector, has significantly altered his outlook on the crypto market. After recent strong price rebounds, he now believes that the broader bear market is over.

Jiang initially held a bearish view, selling some of his Ethereum holdings at levels between $1,738 and $1,931 when he anticipated a further downturn. However, after witnessing renewed market strength, he bought back in around $2,100, acknowledging that his earlier expectations were not playing out.

Jiang's reversal comes as Ethereum's price has moved higher, with him selling half of his spot Ether position near $2,525 and setting a stop around $2,550. This sequence of trades illustrates a more nimble approach, with Jiang now preferring to react to real-time developments rather than adhering strictly to previous projections.

Jiang has reportedly kept between 20% and 30% of his planned capital allocation on hold, suggesting a readiness to re-enter the market if it presents new opportunities. He stated that a further purchase of Ether is possible if Bitcoin falls to the $67,000-$72,000 range, after which he plans to deploy his remaining funds by late October.

The recovery has been attributed to various factors, including Ethereum's relative outperformance, increased activity surrounding stablecoins, tokenization projects, and real-world asset integration. Institutional demand also appears robust, with U.S. spot Bitcoin ETFs attracting approximately $1.6 billion in inflows through Thursday, with $606.3 million in new capital coming in on that day alone.