Zhuoer Jiang, founder of mining pool BTC.top and a prominent figure in China’s crypto industry, said he sold half of his spot Ethereum holdings as Bitcoin’s rally encountered its first significant resistance. Bitcoin spot ETFs recorded $202 million in net outflows on Friday, ending a nine-day inflow streak, while Ethereum spot ETFs attracted $102 million in net inflows. Jiang also cited a hawkish stance from Federal Reserve Chairman Kevin Warsh at the Jackson Hole symposium as a major influence on sentiment. He said Bitcoin was facing its first major test since the rally began and cautioned that the overnight decline could mark the start of a downtrend. Jiang planned to monitor weekend trading to assess whether the correction deepened or stabilized. The contrasting ETF flows may reflect a rotation toward ETH, supported by its ongoing ecosystem upgrades and staking (locking crypto to earn rewards) yields. The combination of reduced Bitcoin ETF demand and a more aggressive Fed posture has created a challenging backdrop for cryptocurrencies and other risk assets. Investors are watching support levels, ETF flows and upcoming economic data to determine whether the move is a temporary pullback or a sustained correction.