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- 🌊 Thursday Bitcoin Flows
🌊 Thursday Bitcoin Flows
Your Daily Bitcoin Flows update
Julian Fahrer
July 04, 2024 • Estimated Reading Time: 7 minutes
Good morning.
Welcome to Flow State.
Where the flows go, we follow.
Let’s dive in.…🌊🌊🌊
‘Bob’ proposes a controversial idea at Bitcoin Magazine: that Bitcoin HODLers, by merely hoarding their BTC are “not living up to the Bitcoin ethos” and should have to pay a fee back to the network.
Jack Raines at Sherwood explains how Steve Ballmer came to be richer than Bill Gates.
Andrew Singer at Cointelegraph asks, “Could a financial crisis end crypto’s bull run?”
Joe Biden has a 63% chance of dropping out of the US Presidential election, according to the prediction / betting market platform Polymarket.
Bitwise filed an updated S-1 application for their spot Ethereum ETF, and industry experts think the ETH ETFs could all be live as soon a next week.
Brian Potter at Construction Physics explores the rise and fall of one of America’s greatest companies: AT&T.
Shark fin is back on the menu, the Whales rediscovered their appetite, and the Fish are feasting.
But then who’s selling??? For one, you can point the finger at those pesky Long Term Holders, still taking profits.
And spare a thought for the miners. The revenue boost from ordinals and other on-chain shenanigans was a short-lived sugar hit, and now the post-halving crash has set in.
HUT parted a red sea yesterday.
🥇Fidelity
Fidelity bought the dip yesterday, bringing in 110 BTC ($6.5m). They also happened to be the only Bitcoin ETF with any inflows at all, earning them a lonely spot atop the podium.
🔻Grayscale
Grayscale also stood by themselves yesterday, as the lone source of outflows. They sold-off 450 BTC ($27m).
🧮 Total
The total, thus, was simply the difference between the two. Net outflows of 340 BTC ($20.5m).
July 4 marks the day that 12 of the original 13 North American colonies adopted the Declaration of Independence, kicking off the Revolutionary War.
The painting below, John Trumbull’s Declaration of Independence, depicts the drafting committee (headed by Thomas Jefferson) presenting the document to the Continental Congress for the first time.
Declaration of Independence, by John Trumbull (1818)
Here is the most famous passage from the Declaration (though I encourage everyone to read the full text):
We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness.
That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed,
That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness.
It’s probably never been easier to be cynical about America, and to doubt the strength of its institutions. There a plenty of valid reasons, and I won’t enumerate them here. You know them well enough.
But today, it’s fine to pay tribute to the oldest surviving democratic republic in the world, and the young men who founded it.
Fifty years after the Declaration, an elderly Thomas Jefferson said, “May it be to the world, what I believe it will be… the signal of arousing men to burst the chains…and to assume the blessings and security of self-government … For ourselves, let the annual return of this day forever refresh our recollections of these rights, and an undiminished devotion to them.”
Amen.
Those are the Flows this Thursday.
Thanks for reading, and I’ll see you tomorrow.
— Julian
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