How to Trade the End of a Bull Market with Willy Woo
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How to Trade the End of a Bull Market with Willy Woo - WBD327
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Location: Remotely
Date: Thursday 25th March
Company: Hypersheet
Role: Co-Founder
In the first two weeks of March, the bitcoin price bounced from around $45k to a new all-time high and local top of $62k. The price then dropped significantly, with many blaming CryptoQuant for the sell-off after posting a message in their Telegram group saying, "18,961 #BTC ($1,145,210,023) aggregated inflow to #Gemini: be careful downside risk from whale dumping" just moments before the price began to crash.
While the data was accurate and someone moved a large amount of bitcoin into a Gemini wallet, it was misleading. The move was from BlockFi into Gemini's custodial wallets.
But during these dumps, who are the buyers? Willy thinks the people buying the dip are 'Rick Astleys'; HODLer's of last resort who 'never give up, or desert bitcoin'.
In this episode, I talk to on-chain analyst and the co-founder of Hypersheet; Willy Woo. We discuss the drop from $62k, Cryptoquant's analysis, the "Rick Astleys" buying the dip and how to catch the top of the market.
00:05:57: Introductions
00:06:25: CryptoQuant reporting
00:13:17: Bitcoin futures contracts
00:18:28: Calling the bottom
00:23:04: The Rick Astleys
00:25:01: Bullish news from the institutions
00:26:54: Templating previous cycles
00:30:34: Phases of the bull run
00:32:03: Price predictions
00:38:20: Futures trading explained
00:45:06: Peter delves into futures
01:01:19: Wrapping Bitcoin and yields
01:04:06: Bull market strategy
01:08:44: Tesla market hype
01:11:16: Final comments
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Mentioned in the interview:
Miners affiliated with Bitcoin's largest mining pool may be behind the recent drop
Willy Woo on Twitter: "The @cryptoquant_com "data error" debate..."
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