🌊 Saturday Bitcoin Flows

Your Daily Bitcoin Flows update

Author

Julian Fahrer
July 06, 2024 • Estimated Reading Time: 8 minutes

Good morning.

Welcome to Flow State.

Where the flows go, we follow.

Let’s dive in.…🌊🌊🌊

  • 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 greatest gifts often rain down upon human bodies through celestial influences as a natural process, and sometimes in a supernatural fashion a single body is lavishly supplied with such beauty, grace, and ability that wherever the individual turns, each of his actions is so divine that he leaves behind all other men and clearly makes himself known as a genius endowed by God (which he is) rather than created by human artifice.

Men saw this in Leonardo da Vinci, who displayed great physical beauty (which has never been sufficiently praised), a more than infinite grace in every action, and an ability so fit and so vast that wherever his mind turned to difficult tasks, he resolved them completely with ease. His great personal strength was joined to dexterity, and his spirit and courage were always regal and magnanimous. And the fame of his name spread so widely that not only was he held in high esteem in his own times, but his fame increased even more after his death.

Giogio Vasari, The Lives of the Artists

Leonardo Davinci, Annunciation

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

P.S. Before you go, we need your help with our email deliverability.

By doing these three things, you’ll increase our email reputation with Gmail, Yahoo, and the others. This makes sure other readers will get our emails.

  1. ⏩️ Forward this email: To anyone you like. Even yourself! But someone else would be ideal.

  2. 💬 Reply to this email: Ask me anything, give some feedback, or just say hi.

  3. ⭐️ Star or drag this email to your primary inbox: Email providers are unfortunately stubborn, and need to be reminded that people want to read emails.

Even if you get our emails regularly, taking 20 seconds to do this helps other people get them too.

Many thanks 🙏