BTC.TOP founder: 'Bear market is over, I am buying ETH'

Jiang Zhuoer, founder of Chinese mining company BTC.TOP, admits that his earlier bearish view on the market was completely wrong. He is now 90% convinced that the bear market is over and expects Ethereum to outperform Bitcoin in this cycle. With his remaining reserves, he wants to go fully into ETH, depending on how the market develops in the coming weeks.

Ethereum is available at OKX and Bybit.

In short:

• Jiang Zhuoer bought back ETH at $2.100 after earlier short positions between $1.738 and $1.930, then sold 50% of his spot position at $2.525.
• He is 90% certain the bear market is over and sees ETH as the engine of the current bull market.
• He wants to put his remaining reserves of 20% to 30% entirely into ETH, no later than the end of October.

From short to long: how Zhuoer reversed his position

Zhuoer traded over the past months through a structure in which he had staked ETH as WBETH on Binance and used it as collateral for short positions in perpetual contracts. When Ethereum began to rise sharply on the evening of 19 August, his losses on the short positions quickly mounted. That forced him to act fast: he closed all short positions at $2.100, which amounted to buying back his entire spot position.

He then opened a long position at $2.100 with a take-profit order at $2.200, expecting this to be a temporary short squeeze. That order was filled within an hour, after which the price moved higher still. Later he sold 50% of his ETH spot position at $2.525, with a stop-loss at $2.550, to test whether that was the top.

Remaining reserves fully into ETH

For the 20% to 30% of reserves he has not yet deployed, Zhuoer has a concrete plan. If Bitcoin falls back to the $67.000 to $72.000 range, he will buy in immediately. If that does not happen, he will still enter no later than the end of October at the prevailing market price.

Zhuoer sees Ethereum as the driving force behind the current bull market, partly because the ETH/BTC price ratio showed a second wave of gains after an initial recovery. He links that to the Trump administration’s embrace of blockchain technology, with US financial assets such as dollars, stocks and bonds, in his view, increasingly being put on the blockchain and converted into smart contracts. As a rough estimate, he cites an ETH price of $20.000 if Bitcoin reaches $200.000 and the ETH/BTC ratio comes out at 0.1.

Zhuoer does acknowledge that predicting market tops has a low success rate. He argues that risk management is more important than correctly assessing the market’s direction. In his earlier short positions, he says he set the stop-loss too wide, which led to larger losses than necessary. In his view, the market is still in a strong upward trend, which makes correctly timing a top almost impossible.