Jiang Zhuo'er, a prominent Chinese cryptocurrency miner and founder of the mining pool $BTC.TOP, has announced the sale of all his bitcoins ($BTC). Jiang stated that he liquidated 100% of his $BTC assets at a price of $77,226.
Jiang's decision to completely exit bitcoin comes at a time when US inflation data and expectations regarding the Federal Reserve's monetary policy have tightened. In his assessment the day before, the well-known miner stated that after the release of the latest US Producer Price Index (PPI) data, the probability of a Fed interest rate hike has increased to 70 percent.
Jiang also stated that he expects negative consequences for the markets from the upcoming Consumer Price Index (CPI) data, and that he is prepared to open a short position in the market if favorable conditions arise.
This latest sale sharply contrasts with Jiang Zhuo'er's more optimistic market forecasts voiced earlier. Jiang had claimed he was 90% confident the bear market was over, that Ethereum could outperform Bitcoin in the current cycle, and that he planned to use remaining reserve funds to buy ETH.
*This is not investment advice.
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