Jiang Zhuoer, the former founder of one of China's largest Bitcoin mining operations, BTC.top, has publicly announced he has opened a short position on Ethereum (ETH). Zhuoer revealed he entered the short trade at an average price of $2,242, based on his analysis that the current cryptocurrency bear market cycle remains intact.
Zhuoer's market outlook is decidedly bearish. He contends that any sharp price rallies in the market are likely event-driven and should be viewed as opportunities to increase short positions rather than signals of a trend reversal. He explicitly stated, "The bear market cycle is not over yet; every rebound stemming from an event presents an opportunity to increase short positions."
The former mining executive also cited geopolitical risks as a key concern. He warned that rising tensions, specifically referencing the potential for conflict between the U.S. and Iran, could inject fresh uncertainty into financial markets. Zhuoer dramatically characterized the current period as "America’s Suez Canal moment," suggesting a pivotal and potentially disruptive geopolitical shift.
Zhuoer provided a recent trading example to illustrate his strategy, noting a previous long position in Ethereum opened at $1,850 and closed at $2,144. His current short at $2,242 represents a tactical shift to capitalize on expected downward momentum. He concluded his remarks by cautioning that the likelihood of a sustained uptrend is low, reinforcing his bearish stance for the short-to-medium term.
