Prominent Bitcoin Miner Bets on Ethereum, Predicts ETH Will Beat BTC This Cycle
Jiang Zhuoer, founding father of the Chinese mining pool BTC.TOP and one of many nation’s most acknowledged crypto figures reversed a strongly bearish stance on the market.
He now plans to maneuver his remaining capital into Ethereum, betting that ETH will outperform Bitcoin this cycle.
How Jiang’s Bearish Bet Backfired
Jiang beforehand bought ETH holdings between $1,738 and $1,931 and opened brief positions to hedge towards additional draw back. When Ethereum surged past $2,000 and kept climbing, these shorts misplaced cash.
He closed the positions and repurchased ETH close to $2,100, later promoting roughly half his spot holdings close to $2,525 whereas trying to catch a short-term prime with a decent stop-loss.
Jiang mentioned he’s now roughly 90% confident the crypto bear market has ended, calling his earlier bearish name far off the mark.
His plan is conditional. If Bitcoin retraces to the $67,000- $72,000 range, he’ll allocate all remaining funds to Ethereum. Should that pullback not occur, he intends to purchase ETH at market costs no later than the end of October.
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He presently holds 20% to 30% of his supposed capital in USDT reserves, ready for the best entry level to redeploy the remainder.
Why Jiang Now Believes the Bear Market Has Ended
His thesis centers on the ETH/BTC pair’s relative strength, which he argues displays real demand fairly than easy rotation out of Bitcoin.
Jiang factors to rising US authorities support for blockchain under the Trump administration and accelerating tokenization of shares and bonds as catalysts favoring smart-contract platforms like Ethereum.
“…This spherical, ETH is predicted to outperform BTC. For instance, if BTC reaches 200,000 USDT, and the ETH/BTC trade price is 0.1, ETH will attain 20,000 USDT. (These are simply tough estimates, not really calculated.)…,” Jiang said on X.
BitMine’s Tom Lee has voiced a similar view, citing the ETH/BTC ratio breaking above a multi-year downtrend, alongside tokenization tailwinds and rising demand from agentic AI functions working on Ethereum’s community.
As of August 23, Bitcoin trades close to $77,050, up roughly 22% for the week from ranges close to $63,000, in response to BeInCrypto data. Ethereum has moved even quicker, climbing roughly 30% over the identical interval, from close to $1,880 to round $2,420.
That outperformance aligns with each Jiang’s and Lee’s renewed conviction, at the same time as Jiang continues to interact in lively short-term buying and selling round his broader bullish stance.
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