Jiang Zhuoer: BTC is facing its first test since this rally began, has sold 50% of his ETH spot position.

Jiang Zhuoer stated in a post that on Friday, Bitcoin spot ETFs saw a net outflow of $202 million, ending nine consecutive days of net inflows; Ethereum spot ETFs remained robust, posting further net inflows of $102 million. He argued that following this recent surge, the market contains substantial selling pressure from positions trapped during the bear market alongside profit-taking from bottom-level accumulations. Whether prices can maintain their highs hinges on whether there is adequate capital to absorb the selling, making ETF flows and the Coinbase premium key metrics for assessing buying absorption.