Jiang Zhuoer: No signs of a bull market; Bitcoin may drop after rebounding to $68,000–$70,000

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On August 8, B.TOP founder Jiang Zhuoer highlighted ongoing stablecoin outflows in his Bitcoin update. USDT declined from $184.2 billion to $183.1 billion, while USDC fell by $2.3 billion to $721.5 billion. He sees no signs of a bull market and anticipates Bitcoin will rebound to $68,000–$70,000 before a final decline following short liquidations. Traders are advised to closely monitor altcoins amid shifting market conditions.

BlockBeats news, on August 8, Jiang Zhuo'er, founder of BTC.com mining pool, posted that intra-market stablecoins in the crypto market continue to flow out. Over the past month, the total market cap of stablecoins saw USDT decline from $184.2 billion to $183.1 billion, and USDC drop from $73.28 billion to $72.15 billion, for a combined reduction of $2.23 billion.


Currently, there are no signs that a bull market is about to begin; Bitcoin may rebound to the $68,000–$70,000 range before making one final drop after liquidating short positions.

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