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• The Fed left rates on hold, despite CPI coming in cooler than expectations. Jerome Powell said inflation is still “too high.” Which may or may not have prompted the White House to remind him that the election is coming up “too soon.”

• Donald Trump met with several Bitcoin miner CEOs, and then declared that, “We want all the remaining Bitcoin to be MADE IN THE USA!!!” Nobody say anything, just smile and nod.

• Joe Biden’s campaign is reportedly in talks to accept crypto donations through Coinbase. Apparently they’re just waiting on him to “figure out how to connect the darned gizmo to the thingamajig.”

• The Congressional Budget Office released their monthly Budget Outlook this week, showing that the budget deficit was $1.2 trillion in the first eight months of fiscal year 2024.

• Bitcoin miner Marathon completed a pilot study on the harvesting of methane gas from landfills to power sustainable mining operations. TL;DR: it works. The project mitigated the equivalent of 6,627 gas-powered passenger cars over 240 days.

PSA: It might not be safe to get into the water. The Sharks are eating everyone.

Miners were up big yesterday, perhaps thanks to a bit of a Trump pump.

🇺🇸 United States

🥇Fidelity

FBTC was the biggest winner yesterday, gaining back the outflows of the prior two days plus a fair bit more. They brought in 742 BTC ($50.6m), and now hold over 174k BTC.

🥈 BlackRock

IBIT had their best day so far this week, taking in 228 BTC ($15.9m).

🥉Bitwise

BITB came in third place yesterday, pulling in 212 BTC ($14.5m). Bringing their total held back up over 39k BTC.

🧮 Total

Wednesday brought back some healthy hump day inflows. Total net flows +1450 BTC ($101m).

Back up to a hair less than 264k net inflows since launch, which is 2k BTC under than the all time high set last week.

🇭🇰 Hong Kong

Bitcoin ETFs

Not much going on in Hong Kong. Bosera Hash Key had outflows of 20 BTC yesterday ($1.4m).

BTC vs. ETH

No flows again for the Ethereum ETF again. In fact it’s flow-less since May 31.

ICYMI

Check out this week’s Deep Flow if you haven’t already. We look into the relationship between recent ETF flows and Bitcoin’s price and ask: well, what gives?

That’s the state of bitcoin flows for this Thursday.

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

— Julian