Prominent Bitcoin Miner Bets on Ethereum, Predicts ETH Will Beat BTC This Cycle
Jiang Zhuoer, founder of the Chinese mining pool BTC.TOP and one of the country's most recognized crypto figures reversed a strongly bearish stance on the market.
He now plans to move his remaining capital into Ethereum, betting that ETH will outperform Bitcoin this cycle.
How Jiang's Bearish Bet Backfired
Jiang previously sold ETH holdings between $1,738 and $1,931 and opened short positions to hedge against further downside. When Ethereum surged past $2,000 and kept climbing, those shorts lost money.
He closed the positions and repurchased ETH near $2,100, later selling roughly half his spot holdings near $2,525 while attempting to catch a short-term top with a tight stop-loss.
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