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- 👀 Ethereum Is Getting Sold. A Lot.
👀 Ethereum Is Getting Sold. A Lot.
PLUS: PayPal Now Has A Premium Crypto Exchange Product
Gm, this is doodhwala, the crypto newsletter that’s as thrilling as watching Djokovic win the US Open. 🫡
Here’s what we got for you today—
📉 Sell Ethereum: Ethereum Is Getting Sold. A Lot.
🪜 Ramp Off: PayPal Now Has A Premium Crypto Exchange Product
📈 Cheese and Charts: FTX Liquidations Begin
🛠️ Resourcewala: Are You In A Crypto Trap?
🍼 Doodhshots: Shopping Through Bitcoin?
🤯 A NO for Ethereum?
2023 sure has been a big year for Ethereum. 😅
From Shapella Upgrade to increasing dominance in the market.
But still, it’s not loved by the BIG money.
In fact, they're selling it. A lot. 😬
According to a report:
They sold $4.8 million worth of ETH in just one week! 📉
And a total of $108 million this whole year. 😳
I thought I was buying the dip. It’s been a whole f$kin year.
This guy, James Butterfill (head of research at Coinshares) even said it's the "least popular digital coin" right now. 💔
Butterfill? Noiceee name.
ETH’s even been sold more than Tron, by a huge $50 million. 🤯
Institutions have been also selling other cryptos for 4 weeks straight. 📉
They've sold a HUGE $294 million in total. 🤑
And guess who's selling the most? North America!
Canada and the US sold $17.6 million and $12.3 million in just one week. 🌎
Why are they doing this? 🤔
No they don’t hate Vitalik, I mean who can hate such a sweet guy?
Mr. Butterfill thinks it's because of the US dollar getting stronger. 💪
And things might change by the end of the year, especially if interest rates go up.
If the US dollar gets weaker, it might be good news for all our crypto bros. 📈
Some more crazy facts:
People traded a lot less this week, 73% less to be exact. 😱
Bitcoin also had a tough week. People sold $69 million of it. 🟠
But but but…
There’s another good news.
Cathie Wood's Ark Invest filed for the first-ever Ethereum Spot ETF in the US. 🚀
Maybe that'll change things? We'll see.
Until then, do whatever you like - HODL.
Doodhwala’s Take:
If you're feeling down, just remember why you came into crypto - yaa enjoy the memes.
🪜 PayPal’s Got Some Ramp
Elon Musk’s first child is now doing some serious crypto stuff.
Not the alleged kids he’s had - We talking about the global payments system PayPal. 🥴
PayPal is now taking steps to destroy the very presence of exchanges.
How?
By starting to offer crypto exchange products, for traditional finance customers! 😮💨
And now with their On-ramp and Off-ramp services for crypto—
It brings out the questions of— what da hell is PayPal cookin? 🤔
☝️What are Crypto Ramps?
Consider Crypto Ramps to be OG Doodhwala's.
They help you with—
Providing the best milk
Converting Milk to Cheese
Consider Oat milk equivalent to Cow Dung
Kind of the same thing that Off-ramps provide NGL. 🤔
Off ramps are basically places where people can convert their cryptocurrencies into Fiat currencies.
A.k.a,
👉 USD printed by Jerome Powell
👉 INR printed by Nirmala Sitharaman
👉 GBP printed by Andrew Bailley
After their On-Ramp service earlier this year—
PayPal is straight up telling CZ and Brian to pack up and GTFO. 🤝
✌️ PayPal - Now offering Off-Ramp Services
So now that you know what Off-ramping is—
PayPal is offering one. ☝️
And it's hella premium. 🤑
Why?
Coz it's aimed for the vast volume of people standing who use PayPal for transactions regularly. 💯
PayPal users can now easily buy AND sell crypto to Fiat.
Not just that—
This makes it easier for merchants to onboard crypto payments easily. 😮
When did the world's biggest payment gateway and application turn into Crypto?
It's a slow process that no one paid a lotta attention to.
Now they're here. And they're giving a BIG middle finger to the crypto players rn. 😏
📈 Cheese and Charts: FTX Begins to Sell
Wanna hear some Ultra Pro Max level FUD that has been circulating around FTX?
Please…take a seat and have a warm glass of doodh before we begin. 🪑🥛
FTX liquidations are due this Wednesday—
A.K.A. the homies are selling their tokens to exit liquidity from the market. 📉
Well, we can’t exactly stop the selling, but we surely can understand how the markets will react based on the volumes being sold - amirite? 😃
So, let’s break it down.
FTX has *(had LMAO) most of its liquidity in 5 major tokens—
Solana - $720 Million
Bitcoin - $353 Million
Ethereum - $113 Million
Aptos - $66 Million
Dogecoin - $37 Million
However, when being sold in the market, these☝️ tokens would have different impacts on the token’s price. 💰
Why?
Simple. Market Capitalization.
Different tokens. Different Market Caps. 💯
And how would the impact be?
👉 $SOL has an 81% sell pressure, but that’s okay, considering only $9.2 million is unlocked every month from vesting - same with $APT, having a 74% sell pressure.
👉 $TRX, $DOGE and $MATIC have the next biggest sell pressures, with 12-6% downsides. No vests here.
👉 $BTC and $ETH have the lowest sell pressures at 1%, based on the volume being traded on a weekly basis.
What do you think? Will the market impact be much more?
Hit reply and let us know what you think! 👇
Source: Messari
🛠 Resourcewala: Are You In A Crypto Trap?
Do you have that unbeatable feeling about your investments? Think your portfolio is the Thanos of crypto? Think again! 🤨
Overconfidence can be really sneaky.
And, if you ain't careful, it'll swallow up your entire stash.
Today's resource is your ULTIMATE guide to:
Why overconfidence is your secret frenemy 😈
The 9 crypto traps lurking in the shadows (spooky, right?) 🕷
How to keep your crypto game stronger than The Rock's biceps 💪
It's all about being woke, not broke!
🍼 Doodhshots: No Shopping through Bitcoin?
🔗 Snap to It: Ethereum developer Consensys drops 'Snaps' Add-Ons for the MetaMask Wallet. Wallet game, upgraded!
🇬🇧 Brit Trick: UK-registered crypto scammers snatch a whopping $76M from naive Thai investors. Beware the mates, Thailand!
💳 PayPal's Crypto Play: PayPal launched a shiny new crypto-for-USD conversion service. Cash out, crypto lovers!
🚫 BTC Shopping? Nah: PayPal Co-Founder predicts folks won't be using Bitcoin for their shopping lists. Do you agree?
🌍 Global Crypto Kings: India, Nigeria, and Thailand clinch top spots in Chainalysis’ 2023 Global Crypto Adoption Index. Ready to join the crypto revolution?
🤣 Milky Meme Of The Day
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That’s all for today folks! See ya tomorrow!
Yo! Our legal and financial advisors (aka our good ol’ conscience) have asked us to add this boring disclaimer. None of what you read here is financial advice. We aren’t here to get you to buy or sell crypto. We’re only here to tell you what’s up in crypto today and make you laugh. So, if you screwed up on a trade, that’s on you G. Stay safe in the markets.