Why Jiang Zhuoer Sold 100% of His Bitcoin at $77,226

Jiang Zhuoer’s sale of his entire Bitcoin position at $77,226 was a tactical response to macroeconomic risk. The BTC.TOP founder said stronger-than-expected U.S. Producer Price Index data had lifted his estimate of a Federal Reserve rate hike to 70%, and that he expected the next Consumer Price Index reading to be unfavorable. He sold his BTC and said he was prepared to short. 510

The important distinction is that this was Jiang’s own trading view—not an official Federal Reserve forecast—and it reflected concern that persistent inflation could lead to tighter policy and pressure risk assets, including Bitcoin.

The immediate trigger: inflation and Fed risk

Jiang’s September 11 decision was built around an event-risk setup:

• A stronger PPI reading increased his concern that inflation was not easing quickly enough.
• He estimated the likelihood of a Fed rate hike at 70%.
• He expected the upcoming CPI release to add to that pressure rather than relieve it.
• Rather than remain exposed to spot BTC through that uncertainty, he liquidated his holdings at $77,226 and prepared for a short position. 5710

In practical terms, Jiang was not necessarily making a permanent call on Bitcoin’s long-term value. He was treating the inflation data and the policy outlook as a near-term downside catalyst.

How the September 11 trade differed from his September 4 BTC short

Jiang had already traded Bitcoin from the short side a week earlier, but the rationale was different.

On September 4, he said he sold his entire BTC position around $82,050 and entered a full BTC perpetual-futures short. His case was largely about market structure: BTC ETF flows had weakened and recorded a first net outflow, while Bitcoin had rallied toward the upper end of its range near $81,500. He also believed roughly 13 days of consolidation was not enough to clear the $83,000–$84,000 resistance area. 505360

That trade was brief. Jiang later said he covered the short at about $79,480 and returned to a full spot ETH position, citing Ethereum’s relative strength and continued ETF inflows. 495152

Trade	Entry context	Core rationale	What followed
September 4	BTC near $82,050	Weakening ETF flows, a perceived failed breakout, and resistance near $83,000–$84,000	He covered around $79,480 and rotated back into ETH spot. 5052
September 11	BTC at $77,226	Hotter PPI, estimated 70% Fed-hike odds, and concern about the coming CPI release	He sold all BTC and said he was prepared to short. 510

The first trade was a short-term technical and flows-based call. The second was more explicitly a macro-risk trade centered on inflation and monetary policy.

Jiang’s view versus the “buy the dip” camp

Jiang’s positioning contrasted with comments from Mark Sishka, Blockchain.com’s global head of OTC trading. Speaking on September 10, Sishka said Bitcoin’s run toward $80,000 had shifted traders from a “sell the rally” mindset toward “buy the dip.” He nevertheless cautioned that rebuilt long leverage could create a short-term liquidation-driven move toward $70,000–$72,000. 19

The two views can coexist, but they imply different strategies:

• Jiang’s approach: Reduce spot exposure and potentially short ahead of a macro event that could hurt risk appetite.
• Sishka’s approach: Accept the possibility of a sharp near-term pullback, but regard it as a potential higher-low or accumulation opportunity rather than confirmation of a broader bearish trend. 19

Options data also showed calls priced richer than puts in early September, a sign of comparatively stronger demand for upside exposure. That does not guarantee a rally, but it helps explain why some market participants remained constructive despite the risk of a leveraged pullback. 20

What the $70,000–$72,000 zone meant to each side

The same price range had different meanings for the two camps.

Jiang had already identified $70,000–$72,000 as an area to watch after his September 4 sale, framing it in the context of potential downside after resistance held. 5061 Sishka, by contrast, described a possible move toward that zone as a short-term leverage flush that buyers could use as an entry point. 19

That is the central disagreement: not whether Bitcoin could fall sharply, but whether such a decline would be a trade to press on the short side or a level to buy.

How the sale fits Jiang’s shifting 2026 outlook

Jiang’s calls during 2026 were notably conditional.

In late June, he projected that Bitcoin could bottom between $42,000 and $44,000 in the fourth quarter of 2026, using a cycle framework and Strategy’s market net asset value, or mNAV, as part of his analysis. 3536

By late August, he had reversed course substantially. After Bitcoin approached $79,500, he said he was about 90% confident the crypto bear market had ended and argued that Ethereum could outperform Bitcoin. He planned to deploy more capital into ETH if BTC retreated to $67,000–$72,000. 3334

The September 11 BTC liquidation therefore looks less like a wholesale return to the June $42,000–$44,000 thesis and more like a short-horizon reaction to a changing macro setup. His record over the period shows a trader willing to revise exposure as ETF flows, technical levels, inflation data, and relative ETH strength change.

Bottom line

Jiang Zhuoer sold all of his Bitcoin at $77,226 because he believed hotter PPI data had made a Fed rate hike materially more likely and that the next CPI release could reinforce that risk. His stated 70% probability was his own estimate, and his move was a tactical decision to avoid—or potentially profit from—near-term downside. 510

That stance differed from his September 4 short, which focused on ETF-flow weakness and resistance near $83,000–$84,000. It also stood apart from Sishka’s more constructive read: a dip toward $70,000–$72,000 could still occur, but could represent an opportunity for buyers rather than the start of a sustained bear move. 1950