“The people who were most scared and the reason why markets dropped so much this time, was these guys that sold their coins, they were new participants...holding whale-sized quantities of bitcoin which creates a new concentration of wealth. What happened was they were the ones that sold.”
— Willy Woo

Location: Guatemala
Date: Thursday 20th May
Project: Hypersheet
Role: Co-Founder

The last 48 hours have been one of the craziest in Bitcoin, with the price crashing -51% from its peak. Back in April, we were hovering around $60k when a significant number of miners in China went offline due to power plant disruption; after a brief selloff, prices began to recover.

Last week a tweet about Bitcoin’s energy usage from Elon Musk triggered another downturn in the market. A “tidal wave of young coins” flooded into exchanges to sell, leading to a lot of leveraged traders getting liquidated and ultimately a capitulation to around $30k. 

While this dip was extreme, significant dips in a bull market are not uncommon, and bitcoin is already up around 40% from the lows. So was this just a minor blip, or does it signal the end of the bull market?

In this interview, I talk to on-chain analyst and the co-founder of Hypersheet, Willy Woo. We discuss what caused the dip, who’s buying it up, and Willy’s new price targets.

This episode’s sponsors:
Gemini - Buy Bitcoin instantly
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Casa - The leading provider of Bitcoin multisig key security.
Exodus - The world's leading Desktop, Mobile and Hardware crypto wallets.
Ledger - State of the art Bitcoin hardware wallet

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WBD351 - Show Notes

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