Jiang Zhuoer, founder of the Chinese mining pool BTC.TOP, has shifted his outlook on Ethereum, now projecting ETH to outperform Bitcoin during the current cryptocurrency cycle. This marks a significant change from his earlier bearish stance against Ethereum.
A reversal after losses on short positions
Jiang previously bet on further declines in Ethereum, selling ETH at prices between $1,738 and $1,931. After Ether moved above the $2,000 mark, he closed out his short positions at a loss and repurchased ETH near $2,100. He has said he is now about 90% confident that the broader crypto bear market has ended and is positioning for Ethereum strength going forward.
His renewed optimism is grounded in ETH’s performance relative to Bitcoin, as shown by the ETH/BTC ratio. This metric has become a focal point for Jiang’s outlook, indicating potential for continued momentum if current conditions persist.
Recent analysis from Coinpaper also pointed to a positive technical shift, highlighting that ETH/BTC has broken above a lengthy downtrend. The 0.03 level is seen as a critical threshold for further gains, signaling potential upward movement for Ether against Bitcoin.
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AAPLJiang indicated he plans to deploy his remaining capital into Ethereum if Bitcoin’s price drops back toward the $67,000 to $72,000 range. If Bitcoin does not retreat to those levels, he expects to complete his ETH accumulation by the end of October.
Institutional flows have strengthened the bullish case for Ethereum, with US spot ETH exchange-traded funds (ETFs) bringing in approximately $220.8 million in a single session as Ether rose above $2,400. This wave of inflows coincided with a 29% weekly gain in Ethereum.
Ethereum’s exposure goes beyond price action, as its network underpins stablecoins, decentralized finance (DeFi) protocols, tokenized securities, and smart contract functionality.
Tom Lee, chairman of BitMine, has expressed a similar bullish outlook for Ethereum. BitMine holds over 5.8 million ETH, representing about 4.8% of Ethereum’s total supply. Lee argues that areas such as tokenization and artificial intelligence-related blockchain applications could drive future gains for ETH against Bitcoin.
Mini dictionary: BTC.TOP is a major Chinese cryptocurrency mining pool founded by Jiang Zhuoer that has played a significant role in Bitcoin mining and industry discussion within China’s crypto sector.
Bitcoin’s enduring leadership and Ethereum’s distinct profile
While Jiang has turned bullish on Ethereum, he continues to highlight Bitcoin’s strong monetary narrative. Bitcoin remains the largest digital asset, offering greater institutional trading liquidity and a clearly defined scarcity case that appeals to investors.
Ethereum’s strength lies in serving both as an appreciating asset and the foundation for a growing set of blockchain applications. Its ecosystem extends to sectors not directly supported by Bitcoin, including DeFi and tokenization.
During the most recent week referenced by Jiang, Bitcoin gained around 22% while Ethereum surged about 30%. The ability of ETH to sustain this outperformance may hinge on the direction of the ETH/BTC pair.
| Asset | Weekly Gain | Key Technical Level |
|---|---|---|
| Ethereum (ETH) | 30% | ETH/BTC 0.03 |
| Bitcoin (BTC) | 22% | $67,000–$72,000 Support |
If ETH/BTC maintains upward momentum and holds critical support, Ethereum’s extended period of underperformance could be ending. On the other hand, a pullback in the ratio below recent support could restore Bitcoin’s market leadership.
Whether the gap between Bitcoin and Ethereum persists will depend on future price action around the ETH/BTC pair and the reaction of institutional and retail investors to shifting market dynamics.
