B. TOP founder warns Bitcoin bull market has not yet begun

Jiang Zhuoer, founder of the B. TOP mining pool, has warned that the current Bitcoin rally does not indicate the start of a new bull market. Zhuoer notes that capital flows into the cryptocurrency market remain weak, citing a decrease in total stablecoin market capitalization of approximately $2.23 billion over the past month.

Specific data shows Tether (USDT) market capitalization fell from $184.2 billion to $183.1 billion, while USD Coin (USDC) dropped from $73.28 billion to $72.15 billion. Zhuoer argues this decline in stablecoin supply suggests insufficient liquidity to support a sustained upward trend.

While predicting a potential short-term rebound for Bitcoin to the $68,000–$70,000 range—potentially driven by short liquidations—Zhuoer cautions that the market may face "one last drop" before completing its bottoming process.