🌊 Saturday Bitcoin Flows

• Joe Burnett, Trey Sellers, and Rocky Wold writes in Bitcoin Magazine about the parallels between Bitcoin and Golf. Including minimizing mistakes, patience, and (at least in my case) tearing your hair out.

• The Chicago Board Options Exchange (CBOE) confirmed that spot Ethereum ETFs will begin trading this coming Tuesday, July 23.

• Binance is now allowed to invest its U.S. Treasury bills, a decision which they say will help them “manage our corporate treasury more effectively.”

• Michael Green puts to bed the idea that the current economic downturn is merely an imagined ‘vibecession’.

• Elon Musk is making the right call in fleeing California, according to the New York Post Editorial Board.

• Richard Kim, CEO of ‘crypto casino’ Zero Edge, has resigned after gambling away company funds on leveraged crypto bets. This is as close to crypto Inception as you’ll: a casino within a casino within a casino.

And thus concludes Shark Week.

Also here’s a visual aid to help you see how I think about the food chain. Not my work though — this is the ‘Sea Creatures Mosaic’, from 1st century AD Pompeii:

Congratulations to everyone on great end to the week, but particularly to Michael Saylor.

🥇Fidelity

Fidelity turned on the firehouse on Friday. Huge inflows: 2115 BTC ($141m).

🥈 BlackRock

BlackRock had another huge day to close out the week too: 1730 BTC ($115m).

🧮 Total

Total net flows for Friday: 5700 BTC ($378m). In fact — mostly likely higher than that, but Ark hasn’t reported its data for the past couple of days.

🧮 Weekly Summary

Monster week from BlackRock, who with nearly 11k BTC inflows are almost off the chart. Significant drop back to Fidelity with 3.7k BTC, but that’s less a reflection of their week (which was solid), and more that BlackRock is an unstoppable Bitcoin black hole right now.

Even without a couple of days of Ark data, this week we saw 19.1k BTC net inflows — the most in six weeks, and the second best week since March.

Can you tell what’s going on in this picture?

If you guessed: a guide to defending yourself against the Japanese mythological creature Kappa by use of flatulence — you would be correct!

Part of a comic series in ‘Woodblock’ style by Japanese artist Yoshitoshi, this piece is called Farting at Kappa at the Lumberyard in Fukagawa. Drawn in 1881, it was meant to satirize life in Tokyo, in the then rapidly modernizing Meiji era.

Those are the Flows this Saturday.

Thanks for reading, and I’ll see you next week.

— Julian