Jiang Zhuo'er, founder of Lebit Mining Pool / BTC.top, warned that Bitcoin and Ethereum have both broken below their rising price channels, which he described as a negative technical signal. He said that with U.S. ETF markets closed over the weekend, potential institutional buying pressure from spot Bitcoin and Ethereum ETFs is temporarily absent, and current conditions are unfavorable for long positions.
Coinglass data highlighted significant liquidation clusters around current levels. If Bitcoin drops below $76,000, long liquidations on major centralized exchanges could total approximately $797 million. If Bitcoin rebounds above $80,000, roughly $708 million in short positions could face liquidation.
Jiang also revealed he sold half of his spot Ethereum holdings, citing caution after Bitcoin spot ETFs recorded $202 million in net outflows on Friday, ending a nine-day streak of inflows. Ethereum spot ETFs, by contrast, maintained $102 million in net inflows, indicating relatively stronger appetite for ETH. He pointed to a hawkish stance from Federal Reserve Chairman Kevin Warsh at the Jackson Hole symposium as a key factor weighing on risk assets.
According to Jiang, Bitcoin is now facing its first major test since the rally began, and the overnight drop could mark the start of a broader downtrend. He said he would monitor weekend trading to assess whether the correction deepens or stabilizes, while investors should watch key support levels and ETF flow data.
