Jiang Zhuoer, founder of mining pool B.TOP, said on Aug. 29 that Bitcoin is facing what he described as its first real test since the rally that began on Aug. 19. In his post, he pointed to two developments from Friday: Bitcoin ETFs turned to net outflows after nine straight days of inflows, and Fed Chair Waller delivered hawkish remarks. Based on those signals, Jiang said BTC would now be tested after its recent advance. He also confirmed that during Friday’s drop, he had already sold 50% of his ETH spot position. The remarks were cited by BlockBeats in a short market update.
BlockBeats reported on Aug. 29 that Jiang Zhuoer, founder of mining pool B.TOP, said Bitcoin is set to face its first test since the rally that started on Aug. 19.
In his post, Jiang said Bitcoin ETFs posted net outflows on Friday, ending a nine-day streak of inflows. He also cited hawkish remarks from Fed Chair Waller. On that basis, he said BTC would be tested for the first time since the latest rise began.
Jiang also confirmed that he sold 50% of his ETH spot holdings during Friday’s decline.
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