Willy Woo, a widely followed Bitcoin BTC/USD influencer and analyst, revealed the series of events Sunday that caused them to close a business that was making him “millions per year.”

What Happened: In an X thread, Woo shared the journey about The Bitcoin Forecast, a subscription-based content offering on Substack that analyzed BTC’s on-chain signals and predicted the future course of the market.

The Bitcoin Forecast, which started in October 2020, quickly gained traction, according to Woo, prompting them to get BTC payments integrated for subscriptions.

“By 6 months I had almost 10,000 paid subs. I’m pretty sure even today it’s the most successful BTC investment letter to date,” Woo said.

Benzinga couldn’t independently verify these claims. Substack didn’t immediately return a request for comment.

See Also: Anthony Scaramucci Says Once Bitcoin Hits $500,000 It Will Be Considered An Asset Class Just Like Gold

However, things started to change after BTC surpassed the $60,000 mark. Woo noticed a shift in the market, with the market beginning to heavily rely on derivatives, which were not being adequately represented by on-chain signaling.

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The result-the letter which launched with a reliability of 83%, saw its reliability dip below 60%.

“When reliability dropped below 60%, I felt it was doing more harm than good, so I killer the letter. It was no longer suitable for its mission,” Woo said. “It was encouraging retail to play timing games and without disciplined risk management plebs were effectively gambling.”

Woo’s decision underscores the volatility and unpredictability of the Bitcoin market.

Benzinga’s Take: While on-chain fundamentals often focus on measuring the intrinsic value of a cryptocurrency using data derived directly from the blockchain, derivatives could help traders hedge against price movements, protecting positions while boosting stability and liquidity. A comprehensive analysis should involve informed understanding of both these sets of metrics.

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• Michael Saylor Has A Tip For Average People Looking To Grow Their Wealth By 100x, But He Doesn’t Want You To Quit Your Job To Invest In Bitcoin

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

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