BTC.top founder says he sold half his ETH holdings as rally faces first test

Zhuoer Jiang, founder of mining pool BTC.top and an early figure in China’s crypto industry, said he sold half of his spot Ethereum holdings. Jiang said Bitcoin spot ETFs posted $202 million in net outflows on Friday after nine straight days of inflows, signaling short-term profit-taking and weaker buying demand. Ethereum spot ETFs, meanwhile, maintained $102 million in net inflows, indicating stronger relative demand than Bitcoin. Jiang added that a hawkish stance from Fed Chairman Kevin Warsh at Jackson Hole had a major impact, and said Bitcoin is now facing its first test since the rally began. The overnight drop could mark the start of a downtrend, he said, adding that he would watch developments over the weekend.