On July 15, 2024, Jiang Zhuoer, the founder of the mining pool BTC.TOP, took an unexpected action during a rebound: he publicly announced that he had liquidated all of his ETH holdings. According to his disclosure, the last sale was made when the ETH price was around $1,931, selling the remaining 50% position, with an average selling price of about $1,834.5, effectively cashing in on this round of rebound as a window to realize profits. Unlike the market's common expectation of "more to come," Jiang Zhuoer provided a rather restrained judgment in the same post: According to AiCoin data, this rebound in ETH was gradually approaching the drop point around June 2, with a considerable amount of trapped positions accumulated above. He believes that the limit of this rebound is roughly around $2,000. As a mining pool founder who has long been active in the Bitcoin and Ethereum communities, his choice to liquidate during a bullish sentiment phase while preemptively setting a "ceiling at $2,000" transformed this price level from a mere integer barrier into a point of contention observed and discussed by the entire market.

Mining Veteran Liquidates: How Jiang Zhuoer Made His Move

In the mining sector, Jiang Zhuoer is not an ordinary retail investor, but the founder of BTC.TOP, having deeply participated in Bitcoin mining and the construction of industry infrastructure from early on. Long active in the Bitcoin and Ethereum communities, he is accustomed to expressing his judgments on macro cycles and price structures through public long articles, which gives each of his "statement + action" moments greater reference weight among miners and some retail investors—especially when he not only discusses opinions but also lays out his position adjustments.

This time, he did not frame the liquidation as a story told after the fact, but instead reduced his holdings in batches during the rebound, clearly detailing the timing and price in his post: As ETH rebounded from a low point, he chose to sell at highs, eventually selling the last 50% of his spot holdings when the price reached about $1,931, locking in an average selling price of approximately $1,834.5. The price trajectory, rebound space judgment, and position actions were almost publicly disclosed simultaneously—providing a personal conclusion that "the upper limit of this rebound is $2,000," while turning this judgment into concrete trading records through continuous selling. This unified approach of action and thought has itself become a signal node worth remembering in the market.

Rebound Approaches June 2 Decline: Technical Pressure Becomes Liquidation Excuse

Looking back along his timeline, according to public market data from sources like AiCoin, ETH was still in a relatively high price range around June 2, 2024, when it began to show clear weakness and entered a period of continuous adjustment. For Jiang Zhuoer, this "June 2 drop point" is not just an abstract date, but a watershed: Above lies a batch of bulls who bought at high prices, and below are holders who had to endure a drawdown for more than a month thereafter. By late June to mid-July, as the price gradually rebounded from low levels, getting close to the initial drop area, he saw not an "imminent breakthrough," but that the trapped positions at high levels could exit at any moment during the rebound.

"There is significant pressure from trapped positions above," which in his narrative refers to this technical selling pressure area that cannot be overlooked. This round of decline since June has locked up some capital around the drop area, and once the rebound approaches this zone, strong resistance as seen by technical analysts will emerge. Jiang Zhuoer views the $2,000 line as the ceiling for this rebound, using it to closely represent the upper edge of the June 2 drop zone. In his view, this is a price wall that is not easily penetrable by a mere emotional rebound, so tying his liquidation action to the judgment of "the rebound limit is approximately $2,000" becomes his most direct annotation on the nature of this rebound.

When Bullish Sentiment Peaks, the Leader Turns: How Retail Investors Interpret This Exit

According to AiCoin data, since late June, ETH has continued to rebound from low points, with prices approaching the June 2 drop area once again. The main theme of market discussion has been "how far can the rebound go." Many participants view this movement as a correction of the previous decline, anticipating that the rebound can continue or even open higher ranges, with an overall optimistic sentiment. In this context, the choice of a mining veteran to liquidate before the rebound even reaches $2,000, and publicly defining $2,000 as the "rebound limit," is naturally seen by many as a calm or even cautious attitude towards the current upward space.

From the perspective of retail investors, this exit can easily be assigned different meanings: some may take it as a "top signal," believing that experienced players are cashing out early, questioning the quality of the upward potential and the rebound; others may understand it as a purely personal risk management decision—exiting after identifying phase targets and satisfactory average prices does not equate to negating longer-term trends. Some may also note that there is currently no on-chain or public data indicating that other mining pools or large holders are simultaneously conducting similar-scale ETH liquidations, leaving the taste of "the leader turning" more at the individual judgment level rather than a collective action. Ultimately, whether this liquidation proves to be a conservative choice of “selling too early” or a precise depiction of the rebound limit can only be answered by the market after subsequent price movements fully unfold.

$2,000 Ceiling or False Top? A Few Things to Watch Next

Returning to that public liquidation post, Jiang Zhuoer has actually condensed his judgment into a simple variable: According to AiCoin data, at the time of his post, ETH rebounded to around $1,931, and he believes the "limit range" of this rebound is around $2,000. The real focuses to watch next are few: First, can ETH extend the high point around $1,931 into an effective breakthrough of $2,000 and maintain its position above for a while, rather than it being a fleeting moment; second, if the price approaches or briefly pierces $2,000 only to be consistently blocked and fall back, how the market and opinions will amplify this selling pressure combined with the narrative of "limit rebound," leading $2,000 to likely be solidified as a technical narrative coordinate for this round of market activity; third, if at some future stage ETH significantly breaks through and maintains operation above $2,000, this liquidation and the "rebound limit" judgment will then be taken by the market as a case needing reevaluation, serving as a reminder to participants about the boundary of single-point opinion influence. Regardless of the path taken, this resembles a public bet on emotions and viewpoints, and whether it ultimately proves to be a conservative exit or a missed opportunity for continuation can only be clarified by subsequent price and time.

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