Crypto
crypto
Yaël Bizouati-Kennedy

Bitcoin Pizza Day celebrates its 15th anniversary

Bitcoin Pizza Day is an unofficial crypto holiday that celebrates the first ever real-world bitcoin transaction. On May 22, 2010, programmer and bitcoin fan Laszlo Hanyecz offered 10,000 bitcoin for anyone who’d be willing to order and deliver two pizzas to him. Bitcoin at the time was worth less than a penny a coin, but he successfully bought two Papa John’s pizzas for what was then about $40 in bitcoin.

It would be worth over $1 billion at today’s prices.

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While this would be hard to swallow for anyone, Hanyecz has said every time he’s asked that he has no regrets and told Cointelegraph it was “great to be part of the early history of bitcoin.”

“I wanted to do the pizza thing because to me it was free pizza,” Hanyecz told Bitcoin Magazine.  “I mean, I coded this thing and mined bitcoin and I felt like I was winning the internet that day. I got pizza for contributing to an open-source project. Usually hobbies are a time sink and money sink, and in this case, my hobby bought me dinner.”

To celebrate the 15th anniversary, several companies are hosting events and doling out crypto (and pizza) prizes:

Binance Pizza Day

Between May 15 and 28, participants can win pizza boxes “worth up to $20 in BTC” by referring friends to Binance. 

MEXC’s Pizza Day Lucky Wheel

The event runs from May 19 to 28, and participants can win $100,000 in BTC and “Hot Tokens.”

HTX’s Bitcoin Pizza Day Meets Trump Dinner

The crypto exchange partnered with a slew of sponsors for multiple events and prizes totaling $1 million.

BTCC’s 52,000 USDT Bitcoin Pizza Day Challenge and Fifth Annual Global Pizza Party in Monaco

The event runs from May 19 to 31 and “rewards users with virtual pizza slices worth 1 USDT each when they complete tasks on the platform.”

Bitget’s Pizza Day’s Pizzas

With Bitget’s celebration, you’ll win… pizzas.  The company will distribute “over 5000 pizzas in over 20 cities worldwide.”

 Happy Pizza Day to all who celebrate.

Binance Pizza Day

Between May 15 and 28, participants can win pizza boxes “worth up to $20 in BTC” by referring friends to Binance. 

MEXC’s Pizza Day Lucky Wheel

The event runs from May 19 to 28, and participants can win $100,000 in BTC and “Hot Tokens.”

HTX’s Bitcoin Pizza Day Meets Trump Dinner

The crypto exchange partnered with a slew of sponsors for multiple events and prizes totaling $1 million.

BTCC’s 52,000 USDT Bitcoin Pizza Day Challenge and Fifth Annual Global Pizza Party in Monaco

The event runs from May 19 to 31 and “rewards users with virtual pizza slices worth 1 USDT each when they complete tasks on the platform.”

Bitget’s Pizza Day’s Pizzas

With Bitget’s celebration, you’ll win… pizzas.  The company will distribute “over 5000 pizzas in over 20 cities worldwide.”

 Happy Pizza Day to all who celebrate.

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Crypto spot ETF flows diverge, a sign of investor rotation

Investors appear to be rotating where they are placing their crypto bets, but not necessarily fleeing the asset class entirely. 

Last month, spot bitcoin ETFs registered $206.5 million in outflows, marking their fourth straight month of redemptions. Ethereum spot ETFs saw even heavier withdrawal as $369.9 million left the investment vehicles, also marking a fourth consecutive monthly outflow. 

Since November, spot bitcoin and ethereum ETFs have posted more than $9.1 billion in cumulative outflows.

Bitcoin and ethereum are the market’s virtual ATMs, according to Chris Soriano, cofounder and chief commercial officer at BridgePort. “It’s no surprise when institutions start laying off risk or meet redemptions, they naturally sell what’s most liquid first,” Soriano told Sherwood News. “This is no different than when a traditional fund manager trims S&P 500 exposure before touching their small-cap growth positions.” 

On the other hand, newer funds based on altcoins haven’t stopped recording monthly green candles. 

Spot XRP ETFs pulled in $58 million last month and have yet to post a single negative month since their launch in November. Spot solana ETFs attracted $63 million and, likewise, remain in the black since their debut in October. 

The outflows of the two largest cryptocurrencies combined with the modest inflows of the two smaller tokens suggest a rotation regime, Soriano argued. “Institutions trimming their core liquid holdings while selectively adding to high-conviction, higher-beta positions where they think there’s more juice in the squeeze. It’s not a contradiction; it’s portfolio mechanics behaving exactly as you’d expect,” Soriano continued.

He added that XRP and solana’s markets are also thinner, which means the same dollar of buying pressure registers as a louder, more persistent inflow signal than it ever would in BTC or ETH.

Nic Roberts-Huntley, CEO and cofounder of Blueprint Finance, told Sherwood that bitcoin and etheruem’s outflows combined with XRP and solana’s inflows “may signal a broader market transition, one where capital increasingly chases specific use cases rather than the entire asset class moving in lockstep.”

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Ethereum struggles to hold market gains

After rallying from $1,830 to above $2,100 on Wednesday, ethereum struggled to hold on to its gains and dipped under $2,000, a round psychological price level, on Thursday. 

The seesaw price action helped liquidate $146 million worth of leveraged long and short positions on ethereum in the last 24 hours, data from CoinGlass shows.  

While ethereum was due for a relief rally after entering into oversold conditions as measured by its relative strength index, some are still maintaining a bearish sentiment, according to Delphi Digital analyst Simon Shockey.

With ethereum now trading under $2,000, Shockey called the rally “unconvincing.” He told Sherwood News that he doesn’t “think most crypto natives are compelled to really believe the lows are in,” adding that he could see ethereum fall further from here and make new lows in the second half of the year. 

The price action comes as cofounder Vitalik Buterin has sold $35 million worth of ethereum tokens since the start of February and the paper loss for the largest ethereum treasury firm, BitMine Immersion Technologies, has climbed to nearly $7.9 billion. 

On the positive side, ethereum developers introduced a new road map that involves seven hard fork upgrades by 2029 and several north stars, one of which aims to make ethereum a “post quantum” layer 1 network.

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