🐳 $3 Billion BTC In One Wallet

Today’s newsletter is brought to you by Kana Labs, a web3 infrastructure layer. Read below to find out what DApps they power.

GM, this is Doodhwala, the only crypto newsletter that’s read more times than the McDonald’s menu. 🍟 

Here's what we got for you today:

• 🔍 Mystery Solved: The Mysterious Wallet That Acquired Billions Is…

• 🔻 Ordinals Down Bad: Bitcoin Ordinals Are Down Bad. But How Bad?

• 📈 Cheese and Charts: The Rise Of Friend Tech In Numbers

• 🛠️ Resourcewala: The OG Quantity Theory Of Money

• 🍼 Doodhshots: New ETH Phone Sold Out!

❤️ Case Cracked

118,000 BTC.

$3 billion buys you this ☝️ much Bitcoin. ₿

And what if I told you one single wallet carries this amount of BTC? 😅

We found a wallet that accumulated $3 billion worth of Bitcoin in just 3 months.

Like literally from 0 to 118,000 BTC in a little over 3 months starting from March 8, 2023.That’s like buying 1,280 BTC every single day!! 👇

On the other hand, It took almost 10 years for me to go from 0 to 0.011 BTC (but small steps matter yk).😂

SO WHO IS THIS MYSTERIOUS WALLET?!?

People were guessing 🤔:

• Maybe some exchange was moving their Bitcoins?

• Maybe a big company like BlackRock was involved?

• Maybe a secret underground organization?

So, many people were trying to guess who owned it. There were many theories.

Some thought it was BlackRock cuz 1 month before Blackrock filed for a Bitcoin ETF, there was a major transaction of 3400 BTC in this wallet. 🧐

But nah it wasn't BlackRock.

Then, our crypto Sherlock Holmes Arkham Intelligence came into the picture and revealed that Robinhood OWNS this big-fat wallet.👇

But the real answer is → Robinhood, the zero-brokerage app that lets you trade stocks and stuff without burning a hole in your pocket with fees.

In fact, Robhinhood has the top-3 biggest BTC holdings among exchanges:

1. Binance

2. Bitfinex

3. Robinhood (not the Top G but in the Top 3; I could also be a poet). 😂

4. Doodhwala - Because why not?🥛😬

Robinhood has always been interested in crypto, and this shows just how much.

When will you be this interested in doodh, Robinhood? When?🥛

People are now wondering:

• Why does Robinhood have so much Bitcoin?

• What are they planning to do with it?

• And most importantly, why buy so fast?

Doodhwala’s Take:

Robinhood didn't just drop the mic but rather the whole damn stage. 🎤 ⬇️

💧Bringing DeFi and GameFi Together

DeFi and GameFi.

They’re the two biggest niches in crypto right now.

DeFi’s current TVL is over $40 billion and the GameFi market is worth over $10 billion.

🤯 THOSE ARE BIG NUMBERS. 🤯

But building DeFi and GameFi apps are hella complex!

That’s where – Kana Labs – comes in. 😲

Kana Labs is a web3 infrastructure company that is building tools to reduce entry barriers for DeFi and GameFi users.

Their products can be used by – 👤 Users and 👨🏽‍💻 Developers.

👤 Users:

• Smart wallets

• DeFi Dashboard

👨🏽‍💻 Developers:

• Web3 Middleware SDK

• Account Abstraction SDK

Check out our frens at – Kana Labs – to know more about their products.

🔻 The Down-Baddery of Ordinals

Y'all remember when people wanted to launch their NFTs on Bitcoin right?

Yeah, that's a thing of the past now. ⌛

Ordinals, once the most exciting launch in crypto, is now lower than my dating standards. 😔 (I don't have any standards)

What exactly happened to the Ordinals?

Was it all just a FAD? Or has the scope for implementation gone for them?

Let's have a look at the numbers, it’s time to investigate, coz it’s our milky job to keep you updated! 🔎

☝️ Bitcoin Bad = NFT Badder.

If you thought that the price of Bitcoin was down badly — Wait till you hear the floor prices of NFT projects. 💀

Ever since the start of the year, floor prices of some of the OG projects like:

• Bored Apes, down 67%

• CryptoPunks, down 30%

• Azuki, down 70%

…have all gone to the 🗑️.

So it isn’t surprising that NFTs are correcting by a huge margin.

However, there is a fine line between Price correction and Price irrelevancy.

And that’s where ordinals look like they’re struggling. 🤕

Ordinals’ sales volume went from a high of 832k+ in Sales → 20k+ in Sales today.📉

THAT’S A 90% DROP!!

✌️ Ordinals Unique Active Wallets Plunge.

Like the number of people who prefer drinking oat milk goes down —So did the Total number of Unique Active Wallets (UAW) for Ordinals. 💰

People are finding it hard to grasp the sheer volume of drop in the case of Ordinals. 🤔

You see even projects like Polygon and Ethereum had their highs:

• Polygon had a high of 223,000 unique wallets this year.

• Ethereum had a high of 372,000 unique wallets.

• Ordinals had a high of 85,000+ unique active wallets.

Check it out 👇

Well, what happened in the end?

Ordinals have become close to irrelevant today, with just 6700+ unique active wallets.

Down bad. ✅

Close to Irrelevant. ✅

Dead. ⏳

We’ve all seen ideas rise from the ashes, there is still hope for ordinals.

At least, that’s what the community wants. 🫂

📈 Cheese and Charts: Friend Tech On FIRE

You know when something new and cool comes around, and suddenly everyone's talking about it? That’s Friend tech right now!🚀

Look at these cool stats:

• $6M TVL (Total Value Locked) 🤑

• Made $3M in just two weeks! 💰

• And a big family of ~100K users already. 😲

Even famous non-crypto dudes like Grayson Allen and Garry Tan are on it. 🌟

So, what’s Friend tech anyway? 🤔

We’ve written about it here.

Why has it become so famous tho?

See, it’s not just for fun. This is like mixing social media with money stuff. It’s called SocialFI.

So, do you think it’s here to stay or just a passing trend? 🤷‍♂️

(Reply and tell us what you think👇)

🛠 Resourcewala: WTF is The Quantity Theory of Money for Tokens?

You know what’s more intricate than Bitcoin to Dogecoin? The ECONOMICS behind em. 💹

And one theory that’s been causing a stir? The Quantity Theory of Money, but... for TOKENS! 😲

Dive into today's resource to uncover:

• The OG Quantity Theory of Money? 🧐

• How’s it different for tokens? 🪙

• Implications for your crypto portfolio 🚀

Plus: Do tokens even follow traditional econ rules? 🤔

🍼 Doodhshots: ETH Phone = Sold out!

• 🇨🇴 New Stablecoin: Num Finance is launching a new stablecoin for Columbia, Peru, and Argentina on Polygon. Brb gonna wait for it to de-peg or sumethin.

• 🐸 Weird Frog: PEPE is seeing some weird outflows of the token on-chain, spooking people of an upcoming selloff. The frog never disappoints!

• 📱ETH Mobile: ethOS, the Ethereum native phone has been sold out in a pre-sale before its official launch. Solana folk cutting onions rn!

• 🌪️ Tornado’s Arrest: Tornado Cash’s Roman Semenov has been arrested in his ongoing case of promoting Tornado as a money laundering tool. Crypto mixer go brrrrrr!

• 🤝 Partnership Ends: Binance and Mastercard are ending their partnership to provide crypto cards in 4 countries. And thus it begins.

📍Web3 Events Nearby

Another weekend coming up, another meetup to attend. 😎

Check out ➡️ meetupswala.xyz for upcoming Web3 events in your city, whether you're looking for:

• meetups

• hackathons

• conferences

• or just wanna hang

Meetupswala will have something that's right for you.

Here are the top Web 3 events for this week:

1️⃣ Neo APAC Hackathon Bangalore GAS Station

🗓️ This Saturday 📍 Bangalore

⭐️ Register here → https://www.meetupswala.xyz/events/1036

2️⃣ Building Cross Chain DApps using Router Protocol

🗓️ This Saturday 📍 Chennai

⭐️ Register here → https://www.meetupswala.xyz/events/1052

3️⃣ AGG Connects

🗓️ This Friday 📍Hyderabad

⭐️ Register here → https://www.meetupswala.xyz/events/1057

🤣 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!

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.

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

Edited by: Arvind Krishna and Aakash Athawasya