Willy Woo: Current Bounce a Bull Trap, Bear Market Bottom Structure Not Fully Formed Yet

March 17 — An Argentine court has ordered a nationwide block of crypto prediction market platform Polymarket, per a March 11 ruling from Buenos Aires’ 31st Criminal, Misdemeanor and Petty Offenses Trial Court. The court directed the Argentine National Communications Regulatory Agency (ENACOM) to block access to Polymarket’s website and related domains for users. The case was filed by the Buenos Aires City Gambling Regulatory Agency (LOTBA). Juan Rozas, the local prosecutor overseeing gambling matters, launched an investigation, accusing Polymarket of offering unlicensed gambling services to Argentine users—allegedly violating the country’s criminal code. The court ordered ENACOM to enforce the block via internet service providers (ISPs) and report immediately to the court or gaming prosecutor’s office if technical issues arise. It also asked Google and Apple to delist and restrict Polymarket’s Android and iOS apps in Argentina, including limiting access for existing users. The

March 17 — Per Onchain Lens monitoring, BlackRock deposited 567 BTC (~$41.78 million) and 22,657 ETH (~$52.40 million) into Coinbase, with potential additional deposits expected to follow.

On March 17, data from DefiLlama shows that trading volume on perpetual DEXs (Perp DEXs) has rebounded recently, while open interest across major platforms continues to trend upward. Hyperliquid, in particular, has seen a cumulative 27.8% gain in positions since the start of this month. Below are the latest 24-hour trading volume and open interest figures for leading Perp DEXs: - Hyperliquid: ~$8.45 billion (24h volume); ~$6.99 billion (open interest) - Aster: ~$3.41 billion (24h volume); ~$2.09 billion (open interest) - EdgeX: ~$3.31 billion (24h volume); ~$1.17 billion (open interest) - Lighter: ~$2.47 billion (24h volume); ~$0.793 billion (open interest) - Apex: ~$1.36 billion (24h volume); ~$0.128 billion (open interest) - Pacifica: ~$0.555 billion (24h volume); ~$77.1 million (open interest)

March 17th Citing HyperInsight monitoring (Telegram: https://t.me/HyperInsight), spot gold prices dipped below $5,000 per ounce—pushing GOLD contract prices on Hyperliquid (https://app.hyperliquid.xyz/join/NTOD) lower in tandem. Currently, the platform’s largest GOLD short position address (0xacb) holds an unrealized profit of $620,000, with a 7% margin and an average entry price of $5,113. Additionally, over the past 30 minutes, another address opened simultaneous short positions in GOLD and SILVER totaling $6.3 million. The average GOLD short price is $5,003, and both positions are in unrealized profit.

On March 17th, crypto contract whale "First Set 10 Big Goals" (@jasonleo) posted a contract order screenshot on X with the caption "Retreat." The screenshot reveals the whale held long positions on BTC (entered at $67,900), ETH (entered at $1,935), and BNB — totaling $14.66 million in profit across the three trades.

March 17 — Bitcoin has notched 8 straight daily gains since March 9, marking its first such streak in nearly 4 years. Per Glassnode data, Bitcoin has posted at least 8 consecutive daily gains 15 times historically. In the 30 days following those streaks, it extended gains 9 times and declined 6 times, with a median 30-day price rise of ~19%.