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🌊 Thursday Bitcoin Flows
Your Daily Bitcoin Flows update
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Good morning.
Welcome to Flow State.
Where the flows go, we follow.
Let’s dive in.…🌊🌊🌊
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Donald Trump declared in his Republican National Convention speech that he will “end Joe Biden’s war on crypto.”
Trump is also apparently considering JP Morgan CEO Jamie Dimon for the Treasury Secretary gig. Dimon’s been about as consistently anti-Bitcoin as anyone in the world, but according to Trump he’s “changed his tune” recently.
Mark Cuban argues that the recent support from Silicon Valley for Trump “is a bitcoin play”, and that “you can’t align the stars any better for a BTC price acceleration.”
State Street is reportedly planning launching its own private stablecoin.
Ki Yong Ju at Cryptoquant shows that the global stablecoin market cap is trending up — historically a bullish sign.
Vitalik Buterin argues against choosing political allegiances over who is ‘pro-crypto’.
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Whales were up yesterday, for the first time in a week.
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Almost everyone came back down to earth after Tuesday’s euphoria, but it wasn’t just the Bitcoin stocks hit: it was Nasdaq’s worst day since 2022.
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🥇BlackRock
I’m starting to think Larry Fink has disabled the sell buttons for IBIT investors. BlackRock was unstoppable yet again, bringing in 1708 BTC ($110m).
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🔻Grayscale
Unstoppable is also the right word to describe Grayscale outflows. Wednesday saw another 836 BTC worth ($54m).
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🧮 Total
Yesterday was much more muted than Tuesday, but still positive. Total net inflows of 821 BTC ($53m), making it nine positive days in a row. Fidelity was the only inflow other than BlackRock though - they claimed 43 BTC ($2.8m). While Bitwise chipped a bit off their stack - sending out 93 BTC ($6m).
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xxx
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In ‘exotic billionaire plaything’ news, hedge fund mogul Ken Griffin paid $45m today for an almost complete stegosaurus fossil.
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This got me asking: what’s the going rate for dinosaur bones?
Turns out, they’re pretty expensive. Here are some of the other most expensive buys:
Abu Dhabi’s Department of Culture purchased a T-Rex named ‘Stan’ for $32m in 2020.
Chicago’s Field Museum of Natural History paid $8.3m in 1997 for a T-Rex named ‘Sue’.
And Democrat donors paid over $1 billion to elect Joe Biden President in 2020!
Truly is amazing to see what people spend on ancient relics.
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Those are the Flows this Thursday.
Thanks for reading, and I’ll see you tomorrow.
— Julian
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