Jiang Zhuoer, founder of the Litecoin mining pool B.TOP, shared his short-term outlook on the crypto market via social media today, focusing on Bitcoin's key support level and institutional capital flows. He noted that Bitcoin has repeatedly tested the $60,000 mark recently but has not effectively broken below it, reinforcing the consensus that $60,000 serves as strong support. Jiang further highlighted a noteworthy trading signal: the price discount of BTC on Coinbase relative to Binance is gradually narrowing. In crypto market analysis, when Coinbase — the US-compliant exchange often used by stock market institutional investors for on/off ramps — trades persistently lower than Binance, it typically indicates that US institutional players, including spot Bitcoin ETF funds, are actively selling. The current converging spread suggests that this selling pressure from traditional financial markets is easing.
In a related move, Jiang revealed yesterday that he had successfully bought back his entire Ethereum position at $1,645, a move he characterized as 'buying the dip'. He explained that his long ETH position was based on the expectation of a short-term oversold bounce, and he explicitly planned to sell into strength within a 1-to-3 day window after a rebound materializes. This trade aligns with today's Bitcoin analysis: the market may see a near-term recovery, but caution is warranted once the bounce runs its course. Accordingly, Jiang appears to favor a quick in-and-out swing strategy rather than holding the newly acquired spot positions for the long term.