🌊 Friday Bitcoin Flows

• The House voted to uphold President Biden’s veto of the SAB121 withdrawal. Meaning banks still can’t custody digital assets.

• Blockworks looks into the question of whether rate cuts are bullish or bearish for risk assets.

• Bitwise’s CIO Matt Hougan wrote his weekly memo about the “key tailwinds [that] could drive Bitcoin to $100K by year-end.”

• Byrne Hobart at The Diff argues that Dave Graeber’s ‘BS jobs’ is a “Terrible, Curiosity-Killing Concept.”

• Brian Heater at TechCrunch explores the legal consequences if you happen shoot down a delivery drone.

• Allison Schrager at Bloomberg argues that the Private Equity bubble is about to pop.

• American Economy Daily explains how rising unemployment risks bringing on a recession.

Shout out to the Shrimps and Crabs today. Most days we’re focused on what the Whales are doing, but you love to see the smaller cohorts’ steady stacking.

But speaking of the Whales — let’s check in on the biggest loser this week. Our friends in Germany are nearing the end of their bout of bitcoin incontinence, and now have less than 10k BTC left to sell.

IREN got walloped, and MSTR was the biggest gainer on news they’re doing a 10-1 stock split.

🥇BlackRock

BlackRock came in hot yesterday, with inflows of 1252 BTC ($72m). That means they’ve brought in another 7k BTC just this week, and now hold more than 314k total.

🥈Fidelity

Fidelity kept their good run going too, with inflows of 570 BTC ($32.7m). They’re now back up to 176k BTC held.

🔻Grayscale

You know this one by now. Grayscale sent another 650 BTC packing ($37.7m).

🧮 Total

Another strong day for the ETFs, despite the price action not really reflecting it. Net inflows of 1373 BTC ($79m). They’ve taken in 12k BTC just this week. Which means total net inflows are up to 264k — about two thousand off the all time high from a month ago.

Fun fact: the United States government spent $140 billion in June, just on debt interest payments.

It’s pretty hard to wrap your head around that number, so I’ve prepared a few reference points:

• Going back in time 140 billion seconds would take you to the year 2413 BC, to the early bronze age. Roughly when the Great Pyramids were being built in Ancient Egypt.

• 140 billion one-dollar notes lined up end to end would extend 13,566,459 miles. That’s 500 times around the Earth, or to the moon and back 28 times, or halfway to Venus.

• As one-dollar bills, they would collectively weight 140,000 metric tons, or roughly the equivalent of 35,000 African elephants.

Hope that helps.

Those are the Flows this Friday.

Thanks for reading, and I’ll see you tomorrow.

— Julian

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