Jiang Zhuoer: BTC has broken below the ascending channel, switching shorting target from ETH to BTC

On July 28, Jiang Zhuoer, founder of Lihui Mining Pool, stated: "After this round, I will no longer short ETH and will switch to shorting BTC." He explained that his previous strategy was to stake ETH as WBETH as collateral, and short an equivalent amount of ETH on perpetual contracts, which was equivalent to selling spot without leverage or liquidation risk, while retaining staking interest income and collecting long funding rates, only requiring a small amount of ETH collateral to reduce exchange risk. The new strategy is to use WBETH as collateral and short an equivalent amount of BTC spot converted at the exchange rate. Jiang Zhuoer believes that BTC has fallen below its ascending channel, while ETH is still at the lower edge of its ascending channel. This bear market may repeat the pattern of BTC and ETH not bottoming out simultaneously as in the previous cycle—the previous lowest point for ETH was on June 18, 2022 (exchange rate 0.05), and the lowest point for BTC was on November 21, 2022 (exchange rate 0.0698). This round, ETH may have bottomed out on June 6, 2026.