Lebit Mining Pool founder Jiang Zhuoer said he is no longer shorting ETH in the current cycle and has shifted that trade to BTC instead. He described his previous approach as staking ETH into WBETH and then opening an equal-sized ETH short in perpetual futures, which he said was effectively equivalent to selling spot holdings while avoiding leverage and liquidation risk. Under that setup, he said he could still keep staking yield, collect long-side funding payments, and reduce exchange risk by depositing only a small amount of ETH as margin. His updated strategy, according to his statement, is to use WBETH as collateral and short an equivalent amount of BTC spot based on the exchange rate. Jiang said BTC has already broken below its rising channel, while ETH remains near the lower edge of its own rising channel. He also pointed to the previous bear market, when ETH and BTC did not bottom at the same time, citing ETH’s low on June 18, 2022 at an exchange rate of 0.05 and BTC’s low on Nov. 21, 2022 at 0.0698. He added that ETH may already have bottomed on June 6, 2026.
PANews reported on July 28 that Lebit Mining Pool founder Jiang Zhuoer said, "Once this round is done, I’m no longer shorting ETH. I’m switching to short BTC."
Short thesis shifts from ETH to BTC
Jiang said his earlier strategy was to stake ETH into WBETH as collateral and open an equal-sized ETH short in perpetual futures. In his description, that was equivalent to selling spot exposure while carrying no leverage and no liquidation risk. He said the position also allowed him to keep staking interest income, collect funding paid by long positions, and limit exchange risk because only a small amount of ETH needed to be placed as margin.
He said the new strategy is to use WBETH as collateral and short an equivalent amount of BTC spot after converting by the exchange rate.
His market view on BTC and ETH
Jiang said BTC has fallen below its rising channel, while ETH is still sitting at the lower edge of its rising channel. He added that this bear market may repeat the pattern seen in the previous cycle, when BTC and ETH did not bottom at the same time.
For the last cycle, he cited ETH’s low on June 18, 2022, with an exchange rate of 0.05, and BTC’s low on Nov. 21, 2022, with an exchange rate of 0.0698. For the current cycle, Jiang said ETH may already have bottomed on June 6, 2026.
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