According to TechFlow, Jiang Zhuoer said on June 11 that after buying ETH back on June 5, he has sold 50% of his spot ETH at $1,629. He also stated that the stop-loss price for the position is $1,710. The disclosure refers specifically to half of his spot ETH holdings involved in this round of trading.
Jiang attributed the sale to the escalation of the U.S.-Iran conflict. In his remarks, he said Trump has “run out of options” and may launch a new round of strikes against Iranian infrastructure. He also said Iran may retaliate against oil and gas facilities in Gulf countries and use the Houthi forces to block the Bab el-Mandeb Strait, further escalating the conflict.
Jiang added that the purpose of the trade is swing trading aimed at increasing the amount of ETH held. He described the structure as staking ETH into WBETH, then using it as margin to open a short position in perpetual contracts, allowing him to sell ETH while retaining staking yield.