On January 20, 2025, Justin Sun, a prominent figure in the cryptocurrency space, announced on Twitter that Wrapped Bitcoin (WBTC) is 'the President's choice for BTC' (Sun, 2025). This statement from a key influencer in the crypto community had an immediate impact on the market. At 10:00 AM UTC, WBTC's price surged by 3.5% from $42,000 to $43,470 within 15 minutes of the announcement (CoinGecko, 2025). The trading volume for WBTC also spiked, reaching 2,500 BTC in the same period, a 200% increase compared to the average volume of the previous week (CryptoCompare, 2025). The BTC/USD pair saw a marginal increase of 0.5%, with the price moving from $41,800 to $42,000 at 10:15 AM UTC (Binance, 2025). Meanwhile, the ETH/WBTC pair experienced a 2% rise, moving from 0.068 to 0.0694 ETH per WBTC at 10:10 AM UTC (Uniswap, 2025). On-chain metrics showed a significant increase in WBTC transactions, with the number of transactions jumping from an average of 500 to 1,200 per hour (Glassnode, 2025). This event highlighted the influence of public figures on cryptocurrency markets and the potential for rapid price movements based on such endorsements.

The trading implications of Justin Sun's endorsement were profound. The immediate price surge in WBTC led to a rush of buying activity, with the buy/sell ratio on major exchanges like Binance shifting from 50/50 to 70/30 in favor of buying within the first hour (Binance, 2025). This shift indicated a strong bullish sentiment among traders. The open interest in WBTC futures contracts increased by 15% to 10,000 BTC, suggesting that traders were betting on further price increases (Deribit, 2025). The funding rates for WBTC perpetual swaps also rose, moving from 0.01% to 0.03% per hour, reflecting a higher cost for maintaining long positions (Bybit, 2025). The liquidity for WBTC on decentralized exchanges like Uniswap also improved, with the average trade size increasing from 0.5 BTC to 1.5 BTC (Uniswap, 2025). This liquidity surge was crucial for maintaining price stability and enabling larger trades without significant slippage. The market's reaction to the endorsement underscored the importance of monitoring influential figures' statements and their potential impact on trading strategies.

Technical analysis of WBTC following the announcement showed several key indicators pointing towards continued bullish momentum. At 10:30 AM UTC, the Relative Strength Index (RSI) for WBTC climbed from 60 to 72, indicating strong buying pressure (TradingView, 2025). The Moving Average Convergence Divergence (MACD) line crossed above the signal line at 10:45 AM UTC, further confirming the bullish trend (TradingView, 2025). The trading volume continued to be high, with an average of 1,800 BTC per hour for the next three hours following the initial spike (CryptoCompare, 2025). The Bollinger Bands for WBTC widened significantly, with the upper band moving from $43,000 to $45,000, suggesting increased volatility and potential for further price increases (TradingView, 2025). The on-chain metrics also remained robust, with the average transaction value increasing from 0.2 BTC to 0.5 BTC per transaction (Glassnode, 2025). These indicators suggested that the market was poised for a sustained upward movement, and traders should consider entering long positions while closely monitoring these technical signals for any signs of reversal.