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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.