“Now is a bad time to take paper bets on BTC,” said technical analyst Willy Woo on June 2.
He said it was “open season on liquidation hunts due to high levels of betting,” before adding that Bitcoin was “waiting to purge the bets before the next swing of all-time-highs.”
Paper bets are generally crypto derivatives such as futures, options, and perpetual contracts that allow speculators to bet on the price direction without ever holding the asset. Woo said spot Bitcoin prices are hard to move up with too many of these “casino hitchhikers” onboard.
NOW is a BAD TIME to take paper bets on BTC.
It’s open season on liquidation hunts due to high levels of betting.
BTC is waiting to purge the bets before the next swing of all-time-highs.
Chart: paper bets on BTC, hard to move up with too many casino hitchhikers onboard. pic.twitter.com/bj9ikjdn8Q
— Willy Woo (@woonomic) June 2, 2025
Leverage Flush Imminent
Most derivatives gamblers use leveraged trading, which tends to
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