Two prominent crypto figures are signaling growing conviction that the bear market has ended, with renewed Ethereum accumulation by major players dominating headlines.
Jiang Zhuoer, the Chinese miner behind BTC.TOP, stated he is approximately 90% confident the market bottom is behind us. He admitted his earlier bearish prediction was largely wrong and now expects Ethereum to outperform Bitcoin in this cycle. Jiang revealed he already repurchased ETH he previously sold between $1,738 and $1,931, placing a stop-loss at $2,100. He then sold half of his spot ETH holdings at $2,525 with a stop-loss at $2,550, aiming to balance between riding the rally and protecting capital if the market turns suddenly.
Jiang plans to deploy roughly 20% to 30% of his reserve funds into Ethereum. If Bitcoin drops to the $67,000 to $72,000 range, he intends to use the remaining funds for additional ETH purchases. If Bitcoin does not reach those levels, he will buy Ethereum at the current market price by the end of October at the latest.
Meanwhile, on-chain data from Lookonchain revealed a transfer of 20,000 ETH (approximately $48.9 million) from Kraken to a wallet linked to Bitmine, the treasury chaired by Tom Lee. The firm has not officially confirmed the transaction, but the pattern of flows from an exchange to a corporate wallet fueled speculation about institutional accumulation. Bitmine disclosed on August 24 that its holdings stand at approximately 5,847,611 ETH, valued at around $14.7 billion. Lee has stated the firm needs roughly $350 million more in ETH to reach its goal of controlling 5% of Ethereum's circulating supply, a target he projects will be met before the end of 2026.
Technically, Ethereum's price hovers around $2,460, compressed between support near $2,396 and resistance at $2,525. The RSI at approximately 83.6 signals overbought conditions, while the price remains above its 20, 50, and 200-day moving averages. A weekly close above $2,550 is viewed as necessary for expansion toward $3,000, while a break below $2,396 could drag the price toward $2,235.
