• VanEck's outlines its base case for a $2.9m BTC price by 2050.

• Steven Fulop, mayor of Jersey City announced that the Jersey City Pension Fund plans to invest in Bitcoin ETFs, echoing the 2% allocation by Wisconsin Pension Fund. 

• Fold Bitcoin announced plans to list on the NASDAQ with 1,000 BTC on its balance sheet. CEO Will Reeves revealed that they intend to run the 'Saylor Playbook' aggressively.

• BlackRock's Head of Digital Assets stated that the SEC is unlikely to allow ETFs for other crypto assets following the launch of spot Ethereum ETFs.

• Marathon Digital announced a $100 million Bitcoin purchase and the adoption of a 'full HODL strategy.' The company plans to retain all Bitcoin mined and periodically make strategic purchases on the open market.

Whales, perhaps unwittingly, have been in a generous mood this week, with Bitcoin flowing from their wallets to everyone else's.

The pain trade in large-cap tech persisted, albeit with less intensity. The Nasdaq slipped 0.9%, pulling down all listed Bitcoin companies with it.

🥇Blackrock

Another day, another 1K Bitcoin scooped up by Blackrock (1093 to be precise). Since July 5 they’ve only had one day with less than 1000 Bitcoin purchased. Impressive!

🧮 Total

Otherwise it was a bit of dud day. GBTC Sold 610 Bitcoin and it was straight zeros across the board for all the other ETFs, so it’s 483 Bitcoin in net flows overall.

🔷 Ethereum

Grayscale continues to dump ETH with $346m in outflows from it’s main trust. In three days Grayscale has lost 10% of their FUM ($1B), which has to be some sort of a record. The other ETFs are buying - BlackRock ($71.4m), Fidelity ($34.3), Bitwise ($16.3m) but it’s not enough to turn the flows positive. Overall the ETFs sold $152m of ETH on the day.

Exiting an 'Exit Scam' Early

The typical setup for a DeFi exit scam looks something like this:

1. Whip up a legit-looking crypto project

2. Hype it up with flashy marketing and influencer endorsements

3. Build liquidity by collecting investor funds

4. Once enough funds have been collected, sell your tokens and remove liquidity from trading pools

5. Vanish

This playbook sorta worked well for a group that made $25m+ following it. However, their latest scam, Sorta Finance, was forced to exit early at a mere $76K Total Value Locked. Scam investigator ZachXBT caught onto them quickly:

Wonder if they’d called the project ‘Sure Finance’, Zach might not have noticed them so quickly!

The intrinsic value of an exit scam might just be in picking a name that buys you maximum time! Remember SafeMoon?

Those are the Flows this Friday.

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

— Julian