🔥 Bitcoin Holders are quietly buying

Gm, this is the doodhwala, the only crypto newsletter that you have a strong connection to. Even stronger than good WiFi. 💪 

Here’s what’s on the agenda today:

• 🔥 Bitcoin Hodlers are on a Shopping Spree!

• 🐸 Is $PEPE = Hate Speech?

• 📈 MiCA Magic or Mirage?

• 🛠 The Art of Funding Rates Arbitrage

• 🍼 Premium of $700 anyone?

When you realize it’s the weekend! 🎉

🔥 Bitcoin Hodlers are on a Shopping Spree!

There's a new trend in the crypto world. No NFTs, no DeFi, we're back to the basics.

It’s the OG crypto, B-I-T-C-O-I-N.

*smiles in Michael Saylor*

The Bitcoin rollercoaster has taken another dip! BTC is down by 13% in one month and signs of the bear market recovery are gone like Arsenal’s chances of winning the Premier League. 🙏

But with this drop, we’re seeing 2 changes play out:

1. Long term BTC holders are HODLing strong

2. Bitcoin is moving away from its good friend

Let us break it down for ya:

1️⃣ Hodlers at Play

Long-term Bitcoin (BTC) holders are not just sitting idle, they are loading up their crypto stashes.

We're talking about wallets sitting quietly and not MOVING or SELLING any coins for over 6 months.

That's some real patience, ain't it? 😅

Check out the net accumulation rate 👇

A blockchain analytics firm tracks these long-term hodlers through an indicator → Bitcoin Long-Term Hodler Net Position Change

(Sounds like a yoga pose, right? 🧘‍♀️)

It simply tracks the change in the net amount of BTC entering or exiting long-term holders' wallets.

So you might be thinking – Are these hodlers just crazy or do they know what they’re doing? 🤔

Well, seems like they're onto something.

2️⃣ NASDAQ vs. BTC

NASDAQ and Bitcoin are like cats and dogs.

They usually follow each other around, but they're not doing that lately. 🐱🐶

📉 BTC price

but

📈 Nasdaq

In numbers:

• April 14 → BTC crosses $31,000 🚀

• Since then → 13% drop to $26,500 📉

• Meanwhile → Nasdaq up over 2% 📈

So the potential decoupling between Nasdaq and Bitcoin is something to keep an eye on. 👀

That's BTC and Nasdaq right now! 👇

🐸 $PEPE = Hate Speech?

Yup, we’re writing about the weird frog coin again 🤦

I mean, it really is a fun thing to know… innit?

However, Coinbase thinks that Pepe is a symbol of hate speech 🗣️

Wow, that statement got even Pepe thinking 👇

1️⃣ How did this all start?

Coinbase sent out a newsletter (not as amazing as the Doodhwala tho🥛) on the 10th of May titled “Behind the memecoin frenzy”

In there was a lot of emphasis on the rise of memecoins and BRC-20 tokens, and their causes 🪙

But, there was one statement that stood out, more than it should have:

We know y’all are thinking - WTF, how is that even possible? 🤔

Pepe the Frog, like any other meme, has been used by political doodhs to push their opinions and views on the internet!

Alright, we’ll be real for a minute: Although there are examples of Pepe being used in hate speech. Is it really a symbol for Alt-right members?

Nah, we don’t think so. 👎

Memes can be used by anyone to make any topic more fun, light, and digestible (Like our 💩 content)

It’s almost like saying your Doodhwala is a criminal coz he milks cows 🐄

2️⃣ Ohh boy did they get backlash!

When you mess with the mob, the mob tends to strike back 👊

It was such an amazing union of:

• Memers

• $PEPE holders, and

• Crypto bros

They 👆 said and did everything legally allowed to be said on Twitter 💀

The hashtag “#DeleteCoinbase” was trending on twitter early yesterday 🐤

3️⃣ “Sorry, we screwed up” - says Coinbase

The backlash was so bad that Coinbase decided to edit the newsletter and remove its comments. 💬

Paul Grewal - The Chief Legal officer for Coinbase issued an apology for hurting the sentiment of the $PEPE community

“We screwed up and we are sorry.” he wrote ✍️

All this comes out during a time when large exchanges are listing $PEPE on their platforms to trade 📊

It’s unclear if Coinbase will join Binance, Gemini, and other exchanges in listing $PEPE on their platform. ☢️

We know that it’s not illegal to milk cows tho! 😠

📈 Cheese and Charts: MiCA Magic or Mirage?

Crypto regulation aka trying to put cheese on a vegan pizza, right? 🍕

But, the European Parliament doesn't think so.

It recently green-lighted the Markets in Crypto Assets (MiCA), the first complete set of rules to tame the wild, wild west of crypto! 🤠🏛️

The MiCA effect?

It's more like a crypto charm offensive!

The VC money flowing into European crypto projects has shot up like Bitcoin on a bull run.

Check these stats out:

🗓️ Q1 2022: 5.9% of VC money into 🇪🇺 crypto projects

🗓️ Q1 2023: 47.6% of VC money into 🇪🇺 crypto projects

That's almost a 10x jump in one year! 🚀

But the billion-dollar question is👇

Is this a short-lived crypto craze or the beginning of a new era of regulated, reliable crypto markets in Europe?

What's your take on this?

MiCA Magic or Mirage?

🛠 Resourcewala: Master the Art of Funding Rates Arbitrage

Ever wondered how crypto traders make money while they 😴?

Here's a secret sauce: Funding Rates Arbitrage!

It's like printing money without getting into trouble. 💰🤑

But what on earth is this sorcery? 🧙‍♂️

Hold on, we're about to reveal the magical world of arbitrage opportunities in crypto trading!

Today's resource unlocks the treasure chest:

• What is Funding Rates Arbitrage? 🤔

• How does it work like a charm? ✨

• A step-by-step guide to becoming an arbitrage pirate ☠️

ARRR, let's dive in! 🔥🔥🔥

🍼 Doodhshots: Premium of $700 anyone?

• 🏌️‍♂️Ripple-Effect: Ripple Managing Director says crypto bros are a problem. TerRIPPLE marketing for Ripple we say!

• 💰Premium rush: The price for Bitcoin on Binance US is $700 dollars higher. Wen arbitrage trade bot?

• 🇪🇺 Euro Rulez: EU Anti-money laundering and crypto bill enters final touchdown. Europe the new hub then?

• 🐕 SHIB screams: The head of the SHIB developer team issues a warning to the community. Return of the Memecoin?

• 🇺🇸 IRS is here: The IRS is claiming $44 billion against the FTX bankruptcy. What you gonna do now Sam?

🤣 Milky Meme Of The Day

If you want more doodh then, be sure to follow our Twitter, LinkedIn, and Instagram.

That’s all for today folks! See ya tomorrow!

Today’s edition was brought to you by: Ritik Gupta and Sumanth

Edited by: Arvind Krishna and Aakash Athawasya

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.