Jiang Zhuoer, a well-known cryptocurrency miner from China and the founder of the $BTC.TOP mining pool, announced that he has sold all of his Bitcoin ($BTC) positions. Jiang stated that he liquidated 100% of his $BTC holdings at the price of $77,226.
Jiang’s decision to exit Bitcoin entirely comes amidst rising inflation data from the US and hardening expectations regarding the Fed’s monetary policy. The renowned miner had stated the day before that the probability of a Fed interest rate hike had risen to 70% following the latest US Producer Price Index (PPI) data.
Jiang also stated that he expects the next Consumer Price Index (CPI) data to have negative consequences for the markets, and that he is prepared to open a short position in the market if the conditions are right.
The latest sale stands in stark contrast to Jiang Zhuoer’s recently expressed more optimistic market views. Jiang had previously stated that he was 90% certain the bear market was over, that Ethereum could outperform Bitcoin in the current cycle, and that he planned to use his remaining reserve funds to buy ETH.
*This is not investment advice.