?? Ethereum Is Getting Sold. A Lot.
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—
?? 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:
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. ??
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:
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—
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
领英推荐
?? GBP printed by Andrew Bailley
After their On-Ramp service earlier this year—
PayPal is straight up telling Changpeng Zhao and Brian Armstrong 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—
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! ??
?? 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:
It's all about being woke, not broke!
?? Doodhshots: No Shopping through Bitcoin?
???Milky Meme Of The Day
Head Of Research at CoinShares
1 年It is getting sold but it puzzles me, it is an attractive yielding asset, with the improving monetary dynamics of negative net issuance, validators are on the rise, so its becoming increasingly decentralised. While the SEC doesnt seem to be focussing on it as a potential security.
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