Zhuoer Jiang, founder of mining pool BTC.top and an early figure in China’s crypto industry, said he sold half of his spot Ethereum holdings. He linked Friday’s $202 million net outflow from Bitcoin spot ETFs to short-term profit-taking and weaker buying demand after nine consecutive days of inflows. Ethereum spot ETFs recorded $102 million in net inflows, showing stronger relative demand than Bitcoin. Jiang said a hawkish stance from Fed Chairman Kevin Warsh at Jackson Hole had a major market impact. He described Bitcoin’s overnight decline as its first test since the rally began and said the move could mark the start of a downtrend, while he would monitor developments over the weekend.