Ethereum Outperforms Bitcoin as BTC.TOP Founder Shifts View

Jiang Zhuoer, founder of Chinese mining pool BTC.TOP, recently reversed his bearish call on Ethereum and now expects it to outperform Bitcoin during this crypto cycle.

The shift follows a costly short trade in which Jiang had sold ETH between $1,738 and $1,931, positioning for further declines. However, he was forced to close those bets at a loss after Ether moved above $2,000. He later repurchased ETH near $2,100 and stated that he is now roughly 90% confident the broader crypto bear market has ended.

Jiang's bullish case centers on the ETH/BTC ratio, which measures Ether's performance directly against Bitcoin. Ethereum has shown renewed relative strength after years of underperformance, with a break above a long-term downtrend emerging as an important threshold for further gains.

The institutional flows are also strengthening the case for Ethereum. US spot Ethereum ETFs recently attracted about $220.8 million in a single session as ETH climbed above $2,400. Additionally, BitMine now holds more than 5.8 million ETH and argues that tokenization and AI-related blockchain applications could push the ETH/BTC ratio higher.

However, it's worth noting that Bitcoin still holds the stronger monetary narrative, with deeper institutional liquidity and a clearer scarcity narrative. Ethereum's advantage is different: it can benefit from both asset-price appreciation and increased network activity.