🌊 Tuesday Bitcoin Flows

• Joe Consorti at Theya wrote about recent Bitcoin ETF activity, including the correlation between ETF flows and BTC price.

• Coinbase announced a partnership with the US Department of Justice, to custody assets seized and acquired through forfeiture. They said: “Coinbase is proud of its history of supporting law enforcement agencies.”

• The SEC announced a new rule allowing certain investment products (e.g. potentially crypto tokens) to register with a new form, as an alternative to the traditional S-1. Commissioner Uyeda said: “Consideration should be given to allowing variances from Form S-1 for crypto digital assets.”

• Circle, issuer of the USCD stablecoin, has received a license to operate in the European Union.

• Paxos has been granted a license by Singapore’s central bank to issue stablecoins.

• James Lavish at The Informationist writes about the US Treasury’s “$175 Trillion hole” - meaning the nation’s unfunded liabilities - and what can possibly be done about it.

• Dominic Frisby wrote about the collapse of the Turkish Lira, and spoke to a couple of young Turkish professionals about how it’s affecting life in the country.

These Whales are some picky eaters. They’ve been refusing to eat all week.

Actually, it’s been longer than a week. As you can see below, the Whales have been in distribution mode for about a month. Earlier in the year, during the BTC price run-up, they were feasting.

CLSK had a massive Monday, as the market continued to respond positively to its acquisition of GRIID last week. In fact it was a big day for mining stocks all round, with MARA and IREN both up double digits too.

Agrippa Investments has a detailed post about the profitability of the top miners, if you want to dig in more.

Today’s Flow State is brought to you in part by our friends over at Blockletter.

Blockletter is a free weekly newsletter with news, insights and analysis on all things crypto. Premium members get access to even more valuable newsletters, all ad free with additional market updates and insights.

Check out their latest post about US Congressman Matt Gaetz’s proposal to allow Federal taxes to be paid in Bitcoin.

🥇Fidelity

Fidelity had a banger on Monday. Inflows of 1030 BTC ($65m) - the most they’ve had since early June.

🥈Bitwise

Bitwise also had their best day in a month, bringing in 636 BTC ($40m).

🥉Ark

Ark had a tidy day too. They collected 205 BTC ($13m).

🧮 Total

The ETFs were collectively back in some winning form yesterday. Total inflows of 2050 BTC ($129m). It was really thanks to the three mentioned, though Van Eck, Franklin Templeton, and Invesco chipped in. BlackRock was a net zero on the day, and so was Grayscale.

Planning a BBQ for July 4 this year? Well, there’s good news and bad news. Let’s start with the bad: the ‘price of a July 4th cookout’ is up 30% since 2019, according to the American Farm Bureau Association.

But the good(ish) news, is that the food inflation mostly happened in 2022-23, and doesn’t make up most of the CPI inflation these days.

Those are the Flows this Tuesday.

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

— Julian

Advertise with us