• Trump promises the US government won’t sell their Bitcoin holdings (~205K BTC) but will instead hold them as a strategic reserve asset

• Within 48 hours of the announcement, the sitting administration mocked the announcement and spooked the market by moving $2 billion worth of Bitcoin.

• Alex Krüger suggests the recent dip is less about US wallet movements and more a reflection of Kamala Harris soaring odds of winning the election.

• Meanwhile US Federal debt officially hit $35 Trillion, up $12 Trillion since 2020

• ARK’s Innovation Fund has underperformed holding US Treasuries over the last 5 years. Ouch.

Retail (Shrimps) are buying lately, but the whales keep on selling (-8350 BTC on the week).

Google data confirms renewed retail interest with search for ‘buy bitcoin’ at its highest levels since March.

Bitcoin dipped and so goes the stocks.

🥇Blackrock

Blackrock had a massive buying day taking in 3050 Bitcoin. They started last weak with a bang before petering off towards the end of the week. Will be interesting (code: very bullish) to see if they can sustain this buying.

🧮 Total

The other ETFs delivered less than nothing with selling from Grayscale (-807 BTC), ARK (-317 BTC) and Fidelity (-88 Bitcoin) so the net flows on the day were a solid but less spectacular 1840 Bitcoin ($124m)

🔷 Ethereum

Ethereum continues to get smashed by outflows from Grayscale’s main trust (-$210m). Blackrock’s marketing machine is working (+$58.2m) and Fidelity ($24.8m) is buying but it’s not enough to avoid net outflows (-$98.3m) yet again.

Those are the Flows this Tuesday.

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

— Julian