Jiang Zhuoer: BTC is facing its first test since the recent rise, having sold 50% of its ETH spot position

Jiang Zhuoer stated that on Friday, Bitcoin spot ETF saw a net outflow of $202 million, ending a nine-day streak of net inflows; Ethereum spot ETF remains strong, continuing with a net inflow of $102 million. He believes that after this round of significant increases, there is a large amount of bear market trapped positions and profit-taking selling demand at the bottom, and whether the price can maintain a high level depends on whether there is enough capital to take over. The flow of ETFs and the Coinbase premium are important indicators to observe the situation of capital absorption.

Jiang Zhuoer mentioned that the hawkish remarks from Federal Reserve Chairman Waller had a significant impact on the market, leading to negative key ETF data on Friday and further weakening the weekend market. Currently, BTC is facing its first test since the rise, and the drop in the early morning may be the beginning of a trend decline. He has sold 50% of his ETH spot position during the decline and will continue to observe the weekend trend.