On September 4, 2026, Jiang Zhuoer, the founder of the Liebit mining pool (B.TOP), suddenly announced his latest operation on his personal social platform: at around $82,050 for Bitcoin, he sold 100% of his BTC position, completing a full liquidation, and immediately reversed to short. He explained that recently, under the background of weak fund performance in Bitcoin ETFs and the first instance of fund outflows, BTC still stubbornly pushed up to around $81,500, the upper edge of a range. This combination of "weak funds but high prices" is considered a typical high-risk signal in his trading framework, so he chose to liquidate entirely near the top of the range and bet on a price decline. More notably, he explicitly stated in the same post that he would focus on the lower range of $70,000 to $72,000 later, viewing it as a key observation point for potential pullbacks or risk releases. As a long-time player in the mining industry with a certain voice in the crypto community, his drastic public adjustment of positions was quickly reported by multiple media outlets. Amidst dominant bullish sentiment in the market, discussions such as "mining mogul liquidates and shorts" and "is $70,000-$72,000 beckoning?" rapidly spread. However, without independent verification from third-party institutions regarding the specifics of his position size, leverage, and trading paths, whether this drastic move is merely a personal trading decision or a top signal that the entire market should be cautious about remains a pressing question for all participants.

Mining Pool Founder Liquidates and Shorts: Is This Move Near the Top?

Specifically regarding this operational chain, Jiang Zhuoer first applied the brakes near what he identified as the "upper edge of the range," then decisively took the full short position. According to his public statements, Bitcoin had previously consolidated around $81,500, which he considered a significant resistance area. On September 4, as the price continued to squeeze upward, he chose to sell 100% of his Bitcoin holdings near around $82,050, achieving a complete liquidation. After selling the spot, he did not remain in a wait-and-see stance but directly turned to short BTC at the same time, shifting from "long-term holding by mining mogul" to "publicly taking a short position," representing a complete reversal of his trading stance. Currently, outsiders still do not know which tools he specifically used, whether he leveraged, and no independent institution has verified the position size and transaction path. The market only sees this self-reported chain from high position liquidation to hand short.

From the price position and rhythm, he is clearly attempting to "slice upward," aiming to catch what he perceives as a temporary top. The $82,050 point is slightly above the designated $81,500 range top, which allows the liquidation point to be close to the resistance area while leaving a small "premium space." If Bitcoin subsequently falls into the $70,000 to $72,000 observation area he emphasized, the theoretical return range of this move would be quite substantial — the imagined space of moving from the upper range all the way down to the crucial support below is attractive to any short. But the risks are equally evident: with bullish sentiment not having clearly reversed and signals of weakened ETF funds still remaining at the level of his personal interpretation, liquidating all chips at a high and then going short means that once the range is effectively broken and prices continue to build a new platform at higher levels, he will lack the cash buffer and will only have short positions betting against the trend. This choice of "liquidating all to go short" essentially places him in a binary position where he either accurately catches the top stage or passively bears pressure amidst continuous increases.

A Mental Shift from Never Shorting ETH to Shorting BTC

Before this full liquidation and flip to short, Jiang Zhuoer had repeatedly emphasized a "bottom line": not shorting ETH. According to his public explanation on social platforms, this stance was not due to a value judgment on any chain but rather concerns at the trading level — ETH's price movements are volatile and rhythm changes frequently, which could strongly interfere with trading psychology, making one more prone to emotional decision-making during dramatic fluctuations. In other words, "not shorting ETH" acts as a self-restraint discipline line to isolate high-volatility disturbances, a safety boundary he set in the past to control mental risk.

This time, he did not break this boundary regarding ETH but directly extended the knife to BTC: first, he liquidated 100% of his BTC position around $82,050, then smoothly transitioned to bearish. In the same post, while reiterating his vigilance regarding ETH's volatility, he explicitly directed his short focus towards BTC. This choice reflects a simultaneous shift in risk preference and trading style — moving from previously prioritizing mental stability and avoiding high-volatility disturbances to now being willing to bear the pressure of betting against the trend under what he perceives as a "favorable odds" structure, partially transforming his prior discipline line of self-restraint into a differentiation and selection of specific targets. This mental shift from "not shorting" to "proactively shorting" itself is one of the most noteworthy aspects of this game worth recording.

Bitcoin Climbs to the Top Edge of the Range Amid First ETF Outflows

With the mentality having shifted from "restrained shorting" to "actively betting against trends," Jiang Zhuoer locked his view on the BTC ETF fund changes he mentioned. According to his public statements, during this period of continuous price increases for Bitcoin, ETF funds performed "weakly" and had "first experienced outflows," yet the price still pushed up to around $81,500, near the upper edge of the range — in his framework, this represents a classic divergence where "the funds are weakening, but the price is rising": it seems that buying interest is not enthusiastic, yet the price was pushed to a significant resistance area, resembling a high-level distribution completed by inertia and sentiment rather than healthy advances bolstered by new funds seriously taking the relay.

It is precisely under this narrative that he views the upper edge around $81,500 as a location that "should be approached cautiously," combining "ETF weakness and first outflows + price touching the top of the range" into a clear sell window: he chose not to wait until the funding sentiment completely cools down to act reactively but to actively realize his positions at what he considered a "misaligned high." Ultimately, when Bitcoin approached $82,050, he announced he had sold 100% of his BTC position and reversed to short BTC, turning his subjective assessment of the divergence between ETF funds and prices into a clear liquidation and short transaction.

Aiming for the $70,000-$72,000 Pullback Zone

After completing the liquidation and shorting around $82,050, Jiang Zhuoer did not adopt a "never look back" posture but quickly marked a lower coordinate in the same post — $70,000 to $72,000. He clearly expressed that he would focus on this price range moving forward, treating it as a key observation point for Bitcoin's downward pullbacks. Given that the current price still exceeds the $70,000-$72,000 range structure, this area seems more like a "lower boundary" he reserves for judging whether the risk release following earlier surges has been achieved.

It is worth noting that he only publicly disclosed the "focus range" without specifying what concrete actions would be taken within that range: whether considering re-entry, reducing short positions, or further increasing short positions remains unknown. Regarding the significance of the $70,000-$72,000 range, it currently stays at his subjective judgment level, without on-chain data or trading details to corroborate the objective validity of this position. Therefore, for readers, this more resembles a personal observation coordinate from a mining mogul rather than a clear price prediction or operational commitment that can be directly copied and executed.

Can Personal Liquidation Signals Represent Mining Community Sentiment?

Returning to the event itself, Jiang Zhuoer's liquidation at around $82,050 and subsequent shorting is primarily a personal account investment choice, not a unified stance of the Liebit mining pool or the broader mining community. Currently, all publicly available materials are drawn from his personal social platform posts, and multiple media sources merely reported on this without any independent channels verifying his specific holdings, short positions, and leverage ratios; the amount of BTC sold or shorted, as well as market capitalization, have also gone undisclosed. In the absence of on-chain addresses or transaction details, it is difficult to elevate this single operation to a confirmed signal of a "collective escape from the top" by miners. The market is inclined to interpret extreme operations by notable mining figures as indicative of a temporary top, partly due to Bitcoin sitting near the upper edge of the range around $81,500 at the time of the event, making sentiment highly sensitive to the risks of "pullback after a failed top." Additionally, mining pool founders are naturally viewed as deeply tied to production sides, and their public shift to shorting can easily be amplified into narratives suggesting that "the mining community is starting to turn bearish." However, without broader data on miner reductions or industry hedging behaviors to substantiate this interpretation, it mostly remains at the emotional level with limited reference value. What is genuinely worth following up on is whether the several observation coordinates he proposed are validated by the market: whether Bitcoin, as he warned, pulls back to the $70,000-$72,000 range, whether the performance of BTC ETF funds continues to weaken or shows signs of recovery, and whether he publicly adjusts his positions again in response to price and ETF movements after this high liquidation and shorting decision.

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