Date: Thursday 25th March
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.