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Willy Woo Profile picture
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18 Apr, 4 tweets, 2 min read
Price and hash rate has always been correlated.

This is BTC price vs today's hash rate collapse (from the Xinjiang blackout).
For those who remember the hash rate collapse of November 2017...
Latest hash rate data by @glassnode, 6hr MA.

Already nearly fully recovered.

BTFD.
Just adding this chart for people wanting to see the correlation. Today was the single sharpest 1 day drop in hash rate since Nov 2017.

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Willy Woo Profile picture
19 Apr
Chinese miners went offline 3hrs into the difficulty adjustment.

The difficulty adjusts every 2 weeks to match the natural increase in hash rate from miners. This keeps block times to a steady 10 mins. If you're going to slow the network down, this is the best window to do so. Image
9.5hrs into the difficulty adjustment, 9000 BTC was deposited into Binance, this provided enough selling pressure to drop the Bitcoin price below $59k support, forcing the $4.9b of liquidations. Image
It's an interesting timing of events.

We have 11 more days before the next difficulty adjustment corrects for any loss in miner hash rate. Note the hash rate is already returning to the network.

This is an addendum to my price crash post mortem thread:

Read 4 tweets
Willy Woo Profile picture
18 Apr
#marketupdate, breaking it down, post mortem.

We just saw the single largest 1-day drop in mining hash rate since Nov 2017. The hash rate on the network essentially halved, causing mayhem in BTC price as it crashed.
The power outage in Xinjiang (which powers a significant amount of the BTC mining network) was known before the BTC price crash. Here's local news on 15th April.

translate.google.com/translate?sl=a…
16 April.

9000 BTC was sent into Binance, read that as a sell off of those coins.

I'd note that Binance serves volume from Asia more than the West. It's likely this was sent in from a whale with closer knowledge to happenings in China.
Read 10 tweets
Willy Woo Profile picture
31 Mar
A time-lapse map of the price when coins last moved.

Clusters of strong price discovery:
$55k (7% of supply last moved above this)
$47k (15%)

$46.4k is the price I'm modelling that we won't visit again during in this bull market (daily close).
Shear cliffs are areas where coin supply moves steeply upwards in price discovery. (green)

Flows downwards are bear market movements where coins move downwards to lower prices, investors accepting losses (red).
Horizontal bands are dense areas of where coins last moved, hence strong price discovery, acting as support and resistance.
Read 5 tweets
Willy Woo Profile picture
29 Mar
Let report these top fake accounts before more people get scammed 🙏🙌:

@Woonomiic1 (5456)
@Woonomicz (5427)
@woonomic5 (3157)
@Woonoom_ic (2793)
@woonnommic (1199)
@woonom1c (1002)
You're a defender of the scam-trodden by working through these 👏👏:
@_woonomlc (411)
@woonomiiic (340)
@woonimic (234)
@woonomci (219)
@wo0nomic (195)
@woonemic (118)
Willy Woo dedication prize goes to you reporting this bunch 😇😇:

@woonommiic (76)
@woonomiics (54)
@wconomic (27)
@WilliWoonomic (13)
@wonomiic (12)
@woonomic1 (8)
@voonomic11 (6)
@woonomic52 (5)
@woonomjc (4)
@voonomic93 (2)
@woonomic40 (2)
@voonomic20 (2)
Read 5 tweets
Willy Woo Profile picture
26 Mar
According to CT, NZ Pension fund deployed 5% into BTC back in Oct 2020 (2 months after MicroStrategy).

Sep 2020 it was $1.75b NZD AUM. That's roughly a $60m USD buy of BTC.

cointelegraph.com/news/new-zeala…
BTC would represent 20%+ of the fund in March 2021. I imagine they would have rebalanced since then, selling down some of their GBTC the last few weeks, given it's a diversified fund.
This is probably the original article from Stuff. It cites $350m AUM, some mismatch from my own search finding $1.75b AUM Sep 2020.

stuff.co.nz/business/12463…
Read 4 tweets
Willy Woo Profile picture
25 Mar
Hmmmm..... Rick Astley spotted buying the dip, rabidly.
Zooming in from weekly to daily... oh yes. Today we have a new all-time-high in BTC leaving the exchanges for 2021. And a new dip buying prize to award.
It's also a new Rick Astley high score.

Remember, the red bars is the daily count of coins moving to Rick Astley, the HODLer of last resort, who never gives up or deserts BTC.
Read 4 tweets

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