BTC.TOP founder turns 90% bullish as ETH outperforms Bitcoin

Bitcoin climbed toward $79,500 on Aug. 21 as BTC.TOP founder Jiang Zhuoer flipped bullish with 90 percent confidence, calling Ethereum the likely rally leader.

Jiang, founder of the Bitcoin mining pool BTC.TOP, said recent market dynamics and on-chain activity convinced him the bear market has ended, reversing his June forecast that Bitcoin could fall to $42,000-$44,000 in the fourth quarter, according to Wu Blockchain's translation of his comments.

The reversal followed a series of trades reflecting his bearish thesis breaking down. Jiang sold ETH between $1,738 and $1,931, then bought back near $2,100 after deciding his view was failing. He later sold half his spot Ether position near $2,525 with a stop around $2,550. He still holds 20 percent to 30 percent of planned capital undeployed, targeting another ETH purchase if Bitcoin retreats into the $67,000-$72,000 range, or deploying by late October if no correction occurs.

The shift comes as U.S. spot Bitcoin ETFs drew about $1.6 billion through Thursday, including $606.3 million on Thursday alone, while more than $2.75 billion in short positions tied to Bitcoin were liquidated on Aug. 19. Bernstein analysts linked Ether's relative strength to growing activity around stablecoins, tokenization, and real-world assets.

Jiang's preference for Ethereum over Bitcoin marks a notable departure from the traditional view that BTC is the safer bet during bull runs. Ethereum has historically shown higher beta to Bitcoin, meaning it can rise faster in bullish phases, though with greater risk. His confidence level of 90 percent suggests strong conviction, but he acknowledged the possibility of a short-term pullback. As one of the most prominent figures in China's Bitcoin mining industry, his public reversal carries weight among participants who track his positioning.

The broader market context supports the shift. Bitcoin fell from its all-time high above $69,000 in November 2021 to a low near $15,500 in late 2022, then recovered to trade around $70,000 before the latest push toward $79,500. The $67,000-$72,000 range Jiang identified is a key technical support zone, and a break below could signal further downside. While Odaily described the reserve-capital plan as a purchase of the leading cryptocurrency rather than ETH, the translation discrepancy does not alter the broader shift from Jiang's earlier bearish outlook.

For traders, the clearest confirmation of Jiang's thesis would come from sustained ETH relative strength, durable spot demand, continued ETF inflows, and liquidity remaining firm after short-covering pressure fades. His trading response emphasized execution over certainty — reducing exposure, buying back after reassessing market conditions, and keeping part of his capital available for another entry.

This article is for informational purposes only and does not constitute investment advice.