Jiang Zhuoer Exits Bitcoin at $77,226 Amid Rising Inflation Fears

Jiang Zhuoer, founder of the BTC.TOP mining pool, has sold his entire Bitcoin position at $77,226. This move comes after he warned that stronger U.S. Producer Price Index data could raise the probability of a Federal Reserve rate hike to 70%. He also expected the next CPI reading to hurt markets.

Jiang had recently been bullish on Bitcoin, saying he was 90% certain the bear market ended and expected Ethereum to outperform it. However, his latest move suggests he may have changed his strategy. It's unclear if he will open a short position as previously mentioned.

In separate news, Blockstream has rejected a ransom demand tied to the Liquid Network theft. The company says about 3,400 BTC was returned, leaving roughly 598.5 BTC outstanding from the transfer of about 4,000 BTC. Blockstream would not pay for the return of the Bitcoin or shift recovery costs to users.

Blockstream engaged in good faith efforts to recover user funds and argued that paying a ransom would create an unacceptable precedent for open-source Bitcoin infrastructure. If the remaining funds do not return, the company plans to pursue lawful recovery channels, which could involve law enforcement, exchanges, service providers, and forensic specialists.