• Proton, the Swiss company known for Proton Mail unveiled a self-custody Bitcoin wallet for its 100 million users. Proton Wallet will allow users to send and receive Bitcoin via email.

• Christen Ager-Hansen, an ex-colleague of Craig Wright, told Cointelegraph he recognized Wright as a fraud and tried to stop the disastrous court case before it began.

• The Block reported Google search volume for 'onchain' is hitting record highs. Decentralized exchange volumes as a ratio to centralized exchange volumes hit an all time high of 13.76% in July. 

• David Bailey updated on Kamala Harris: she won't speak at the Nashville BTC conference. No surprise. Bailey closed with, "All eyes on Trump now."

• Willy Woo outlined 5 macro signals he is looking at closely for Bitcoin: 3 are bullish and 2 are bearish for the price in the short term.

Sharks have done a great job of mopping up the offloading from Whales over the week.

Stocks had one of the worst one-day sell offs since 2022, led by large cap tech. S&P 500 fell 2.31% and tech heavy Nasdaq was down 3.64%. ARLP is the only green below, bucking the tech trend as the largest coal producer in the eastern United States.

🥇BlackRock

BlackRock led the charge, adding 1,000 BTC. They're just shy of 10,000 BTC for the week and 30,000 for the month. It’s been a chaotic FUD filled time with Germany selling and MT Gox distributions, yet through it all, Blackrock keeps buying.

🧮 Total

Aside from BlackRock, ETFs were largely quiet yesterday. Total net flows were +673 BTC, with Grayscale selling 400, Ark buying 50, and Fidelity buying 20 BTC. Investor focus seems to have shifted to Ethereum - which is in it’s first week of it’s ETF launch.

🔷 Ethereum

Day two of Ethereum’s ETF launch saw net outflows (-$133m) with massive outflows from Grayscale’s Ethereum Trust ($-327m). Who could have seen this coming? The positive for ETH investors were $148m inflows excluding Grayscale. Fidelity ($75m), Bitwise ($30m) and VanEck ($20m) led the way.

Sometimes nothing is better than something.

After the Crowdstrike meltdown and their CEO’s subsequent PR challenges last week, they somehow managed to find a way to insult all the thousands of people who missed flights, work, and otherwise had their Friday messed up — all while trying to do something nice.

Lesson: you can’t admit fault lowball for restitution.

Those are the Flows this Thursday.

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

— Julian