Jiang Zhuoer lays out the contradictions very clearly: on one hand, he says BTC is about to face its first test since 8.19; on the other, he confirms that when Friday’s drop happened, he had already sold 50% of his ETH spot holdings.
My first reaction isn’t panic—it’s a mismatch. The test is for BTC, and he cuts ETH.
It could be that ETH has better liquidity and he thinks it’s best to run first; or it could be that he’s given ETH a lower risk budget than BTC. But regardless of which it is, this move at least shows this: at the moment of “accepting the test,” he chose to cut ETH first.
Now looking at the prices: as of the time of writing, BTC is around 78,002, up 0.46% over the past 24 hours; ETH is around 2,453, up 0.77%. The ETF ended a streak of 9 consecutive days of net inflows; Fed Chair Waller turned more hawkish. Yet prices didn’t fall— they actually edged up slightly.
The market either priced it in early, or it just hasn’t reached the point where it needs to react. My guess leans toward the latter: if something bearish happens but the price doesn’t drop on the day it occurs, it doesn’t necessarily mean it’s holding up—it might simply be that it isn’t time to panic yet.
When someone says it’s the first “test,” it usually isn’t all dumped in one day; it’s more like it first shakes out the people who are hesitant.
My first reaction isn’t panic—it’s a mismatch. The test is for BTC, and he cuts ETH.
It could be that ETH has better liquidity and he thinks it’s best to run first; or it could be that he’s given ETH a lower risk budget than BTC. But regardless of which it is, this move at least shows this: at the moment of “accepting the test,” he chose to cut ETH first.
Now looking at the prices: as of the time of writing, BTC is around 78,002, up 0.46% over the past 24 hours; ETH is around 2,453, up 0.77%. The ETF ended a streak of 9 consecutive days of net inflows; Fed Chair Waller turned more hawkish. Yet prices didn’t fall— they actually edged up slightly.
The market either priced it in early, or it just hasn’t reached the point where it needs to react. My guess leans toward the latter: if something bearish happens but the price doesn’t drop on the day it occurs, it doesn’t necessarily mean it’s holding up—it might simply be that it isn’t time to panic yet.
When someone says it’s the first “test,” it usually isn’t all dumped in one day; it’s more like it first shakes out the people who are hesitant.