🌊 Wednesday Bitcoin Flows

• Jerome Powell made a few comments about the state of the US economy. And while getting the Fed Chair to say something newsworthy is a tall order, he did note that America’s penchant for massive budget deficits “should be a top-level issue. It should be a real focus going forward.”

• Charles Edwards asks “Is anyone actually using crypto this cycle?”, and adduces evidence to suggest the answer might be: no, not really.

• Jack Dorsey spoke at an exclusive celebrity tech event hosted by Rick Rubin, and suggested that Bitcoin might take 10-15 years to become the money of the world.

• Alexandre Stachtchenko wrote a two-part piece for Bitcoin Magazine on how financial surveillance threatens democracy. (Part 2)

• David Lat explains the Supreme Court’s decision on Presidential immunity for official acts (and what it means for Donald Trump).

• Thomas Pueyo asks a very important question: Why is Chile so long? (Fun fact: the country stretches the equivalent distance of London to Baghdad).

These Whales are are a true testament to trickle-down economics. And the Sharks are only too happy to be on the receiving end.

Massive day from Iris Energy, on news that they raised $413m to expand operations.

🥇BlackRock

BlackRock took the top spot on Tuesday, with inflows of 232 BTC.

🥈Fidelity

Fidelity had a modest inflow of 89 BTC ($5.4m), good enough for second place.

🔻Grayscale

The daily Grayscale dump dwarfed everyone else, as they sent out 533 BTC ($32.4m).

🧮 Total

GBTC pushed the total down into the negative for the day, with net loss of 225 BTC ($28m).

Bagholders is back! July 1 was the official start of the reporting season for 13F filings. And while we don’t expect things to heat up until closer to the deadline (August 15), there are already some teacher’s pets handing in their homework early.

Notable in yesterday’s filings was the Bank of New Hampshire, who have a little position in IBIT.

BNH is a small bank ($2.5b AUM), and the actual holding itself is a rounding error. But it’s cool to see some Bitcoin representation from the “Live Free or Die” state.

We like to poke gentle fun at generational differences here at Flow State.

But I’m not sure how gentle I can be about this. Neil Patel asked 15,000 people whether they’d rather have a million followers, or a million dollars. The results are below…

Somehow, incredibly, 53% of people aged 26-40 opted for the followers. I’m trying to picture the 38 year old elder millennial choosing an Instagram account over a house, and it makes me think my generation truly is cursed.

Of course, 79% of 18-25 year-olds opted for the social media clout too. In their defense, they don’t yet have fully formed brains. Or quite possibly may never.

Those are the Flows this Wednesday.

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

— Julian

Advertise with us