BTC.top founder to stop trading ETH perps, shift focus to BTC

Zhuoer Jiang, founder of mining pool BTC.top and an early figure in China’s crypto industry, said on X that frequent sharp swings had prompted Jiang to stop trading ETH perpetual futures and shift to a BTC-focused strategy. Jiang said 4,000 ETH was bought on a dip when ETH fell to $2,380 last night, with a take-profit target set at $2,493, but a sudden drop to $2,367 this morning led Jiang to conclude the existing strategy had problems. Jiang said the position was closed after ETH rebounded to $2,403, and ETH later rose to the original take-profit target of $2,493. At the same time, Jiang added, BTC did not show the same kind of sudden drop. Going forward, Jiang plans to use WBETH as collateral to trade BTC perpetual futures without leverage, while capping position size at available holdings. When not trading, Jiang said ETH will be held only in spot form.