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Will Profile picture
@WClementeIII
Jul 1, 2021 • 5 tweets • 2 min read • Read on X
It's been widely believed that retail is to blame for Bitcoin's price drop.

However, the data shows this is not the case. Retail (entities with 0.001BTC to 1BTC) has been aggressively adding to their holdings. Image
It actually seems like most selling has come from whales (entities with >1K BTC), as the number of whales on-chain has continued to trend down. Image
Although this is good for adoption, it shows that retail cannot sustain Bitcoin as a trillion-dollar asset and I suspect if there's going to be any continuation of this bull run, we're going to need to see at least a jolt in new whales coming on the network.
To add, thanks Willy.
Younger whales (weak hands) selling while older whales (strong hands) absorbing those coins. Hence this chart:

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More from @WClementeIII

Will Profile picture
Aug 28, 2023
Recently two of my good friends, the head analyst at Glassnode (@_Checkmatey_) and head on-chain analyst at Ark Invest (@dpuellARK), created a new methodology to evaluate Bitcoin's economics called Cointime.

I've broken it down into simple digestible terms:

[THREAD 1/12]
The basis of the entire framework is the following:

Coins x Number of Blocks Held = Coinblocks Image
As an example, 4 BTC that have not moved in 4 blocks totals 16 coinblocks that have been created.

Assuming blocks are produced roughly every 10 minutes, one coin can create 144 coinblocks per day. Image
Read 12 tweets
Will Profile picture
Jun 5, 2023
Ken Griffin is one of the most polarizing names in finance. His firm Citadel is the most successful hedge fund of all time, posting $66 billion in gains since inception.

Here's how he went from trading out of his dorm to amassing a fortune worth over $30 billion: Image
From a young age Ken Griffin was deeply interested in markets and after trading his personal capital throughout his teenage years.

In 1987 Griffin traded convertible bond arbitrage from his Harvard dorm room at the age of 19 where he even had a satellite to stream price feeds.
After graduating, Griffin started Citadel with $2.6 million which grew to $2 billion in just 8 years.

Fast forward to today, Citadel is the most successful hedge fund ever, posting $65.9 billion in net gains since its inception in 1990. Image
Read 9 tweets
Will Profile picture
Jun 1, 2023
Recently I've been studying the greatest traders of all time.

Steve Cohen is one of the most infamous figures on Wall St. The billionaire and Mets owner even has a TV show called Billions written around him. Here are some takeaways on what made him so successful.

[THREAD 1/10] Image
Cohen had a love for markets from a young age, and after graduating from Wharton traded in the options arbitrage division at Gruntal & Co, generating the firm $100K a day.

Eventually, Cohen decided to launch his own hedge fund SAC Capital in 1992. Image
SAC Capital grew its AUM from $25 million to $16 billion with an average annual return of 30% -- becoming one of the best-performing hedge funds in the world.

However, in 2013 SAC pleaded guilty to insider trading charges and converted into a family office called Point72.
Read 10 tweets
Will Profile picture
May 29, 2023
Recently I've been studying the greatest trades of all time.

Here's the story of how Paul Tudor Jones tripled his money by predicting one of the biggest stock market crashes of all time and became a legend:

[THREAD 1/11] Image
This is a great story of a contrarian trade from PTJ that utilized a combination of fundamental, technical analysis, and understanding of market infrastructure; solidifying him as a legendary figure on Wall Street.
Leading up to 1987, the stock market has red hot and the S&P 500 had tripled in just 5 years. Valuations were extremely high as euphoria and greed spread across Wall Street -- PTJ recognized this. Image
Read 11 tweets
Will Profile picture
May 27, 2023
Over the last few days I've been studying the most famous trades of all time. Arguably the most legendary trade ever was when George Soros broke the Bank of England, giving him his immortal financial reputation.

How'd he do it & how much did he make in the process? [THREAD 1/12] Image
Soros's trade was rooted in his recognition of fundamental imbalances in the British economy. This is a great story of government market manipulation versus prevailing relentless free market forces.
Prior to the EU, a system called the European Exchange Rate Mechanism (ERM) existed, which was formed in 1979. Countries in the ERM agreed to fix currency exchange rates instead of ‘floating’ their currencies and letting free capital markets determine the rates of exchange.
Read 13 tweets
Will Profile picture
Apr 27, 2023
For the data nerds, here's how to have ChatGPT create you charts/visuals with no coding experience:
First ask GPT to write you a Python script and specify what type of chart you want, where to pull the data from (file on your computer, API, etc.), axis' labels, etc. The more specific you are the better.

It will output code for you to copy. Image
Run the code in an IDE like Pycharm which is free to download online by copy/pasting the code and hitting the play button in the top right corner Image
Read 6 tweets

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