🌊 Saturday Bitcoin Flows

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• Marc Andreessen writes that “The time has come to stand up for Little Tech”, arguing that America’s government has become too hostile to startups.

• The House of Representatives will vote next week on whether to overrule President Biden’s veto of the SAB121 repeal. Reminder: it’s a rule put in place that requires banks who custody crypto to hold it on their own balance sheet, for some odd reason.

• Joana Cotar, member of the German Parliament, has criticized her country’s government for selling off vast amounts of Bitcoin, “instead of holding bitcoin as a strategic reserve currency.”

• Sam Bankman-Fried’s family is under investigation for political donations made with ill-gotten FTX funds.

• Daniel Parris at Stat Significant asks “Is Movie Stardom in Decline?”, and digs into the data.

• Packy McCormick at Not Boring writes a tribute to America’s “Capitalist Empire.”

• Bruce Yandle at The Hill argues that you should not expect the Fed to hit it’s inflation targets this year.

It’s been a tumultuous twenty-four hours for Bitcoin, with plenty of BTC changing hands. The Whales have been on the receiving end of a lot of it.

Not a bad day on Wall Street, given the BTC price action. Somewhat surprising to see MSTR holding up so well, and a bunch of the miners even gained on the day.

🥇Fidelity

Fidelity bought the dip, big time. Inflows of 2103 BTC ($117m).

🥈Bitwise

Bitwise had some leftover Independence Day fireworks too, bringing in 540 BTC ($30m).

🔻Grayscale

Grayscale…well, do I even need to say it? Bye bye 510 BTC ($28.6m).

🧮 Total

Somehow, improbably, Friday was a strong inflow day for the ETFs. Net inflows of 2540 BTC ($143m).

🧮 Weekly Summary

Net inflows for the week of 3.9k BTC ($220m).

Breaking it down, you can see the big winner was Fidelity, hauling in 3333 BTC over the week. Bitwise was next best, with a touch over 1k BTC. And GBTC lost 1638 BTC over the four trading days.

I took a short break from watching the Bitcoin price crash yesterday to read a bit about Leonardo Davinci.

The definitive biography is probably Walter Isaacson’s, but you can find a short sketch of the quintessential Renaissance Man in Giorgio Vasari’s The Lives of the Artists, written not long after Davinci’s time in the 16th century.

Here’s the opening passage:

The list of Davinci’s pursuits is hard to believe. He mastered: painting, drawing, sculpture, architecture, engineering, anatomy, mathematics, geology, botany, music, cartography, hydrodynamics, and astronomy. According to Vasari, he even “sang divinely without any preparation.”

I don’t have a particular point to make here. Other than: if and when you need a distraction from current events, renaissance Italy does the job pretty well.

Have a great weekend!

Those are the Flows this Saturday.

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

— Julian