Jiang Zhuoer, founder of BTC.TOP mining pool, said in a post that after ZEC fell to $1,445, earlier market criticism surrounding Garrett Jin’s short position may have reflected an attempt to deliberately create opposing flow and draw retail traders into long positions. Jiang said that with the "target" of Garrett Jin’s previously disclosed large spot holdings no longer in focus, the roughly 200,000 ZEC he holds, which Jiang described as about 1% of total supply, could now represent potential selling pressure. Based on that view, Jiang said the current ZEC uptrend may be close to ending. He added that he would not trade this kind of "operator-driven" token because he believes he is at an information disadvantage relative to the other side of the market.
According to ChainCatcher, BTC.TOP mining pool founder Jiang Zhuoer said in a post that after ZEC fell to $1,445, earlier market skepticism over Garrett Jin’s short position may have been tied to a deliberate effort to create the other side of the trade and attract retail investors into long positions.
Jiang said that with the "target" of Garrett Jin’s previously displayed large spot holdings no longer there, his roughly 200,000 ZEC, which Jiang said accounts for about 1% of total supply, could become potential selling pressure.
On that basis, Jiang said the current round of gains in ZEC may be nearing its end. He added that he would not take part in trading this kind of "operator-driven" token because he sees himself as being at an information disadvantage against the counterparty.
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