Jiang Zhuoer, founder of the Chinese mining pool BTC.TOP and a prominent figure in the cryptocurrency industry, has reversed his previously bearish stance on the market. He now plans to move his remaining capital into Ethereum, betting that ETH will outperform Bitcoin during this cycle.
Previously, Jiang sold Ethereum holdings between $1,738 and $1,931 and opened short positions to hedge against downside movement. When Ethereum surged past $2,000 and continued climbing, those short positions incurred losses. He subsequently closed the positions, repurchased ETH near $2,100, and later sold roughly half of his spot holdings near $2,525 while attempting to catch a short-term top.
Jiang stated that he is now roughly 90% confident that the crypto bear market has concluded, admitting that his earlier bearish call was incorrect. He currently holds 20% to 30% of his intended capital in USDT reserves while waiting for an entry point to redeploy the rest.
His accumulation strategy depends on market movements. If Bitcoin retraces to the $67,000 to $72,000 range, he intends to allocate all remaining funds to Ethereum. If that pullback does not occur, he plans to purchase ETH at market prices no later than the end of October.
Jiang's thesis is built on the relative strength of the ETH/BTC pair, which he argues reflects genuine demand rather than capital simply rotating out of Bitcoin. He also points to growing US government support for blockchain under the Trump administration and the accelerating tokenization of stocks and bonds as catalysts favoring smart-contract platforms like Ethereum.
Other market participants have shared similar perspectives. BitMine’s Tom Lee cited the ETH/BTC ratio breaking above a multi-year downtrend, alongside tokenization tailwinds and rising demand from agentic AI applications running on Ethereum's network.
Recent market data highlights this shifting momentum. Bitcoin traded near $77,050, representing an increase of roughly 22% for the week from levels near $63,000. Over the same period, Ethereum moved even faster, climbing approximately 30% from near $1,880 to around $2,420.
