• Fidelity’s Jurien Timmer describes Bitcoin as, “exponential gold”, and charts the growth of the network.

• Gary Gensler signaled that final Ethereum spot ETF approval could come by the end of the summer.

• Nic Carter enumerated the various hostile acts of the Biden administration toward the crypto industry. A list only slightly longer than the number of decades the President has seen.

• CNBC reported further details of of Donald Trump’s meeting with prominent Bitcoin miners.

• Bitwise’s Juan Leon published a memo this week arguing that the “intersection of AI and crypto is going to be even bigger than people imagine.”

• Kentucky Congressman Thomas Massie explains that his ‘End the Fed’ Bill was inspired by his reading of The Bitcoin Standard.

Revenge of the Whales yesterday. They got hungry when the market got scared. The Shrimps continue to get gobbled up left and right, but I suppose such is life.

Back to earth for SMLR yesterday, after an otherwise stellar week. MSTR copped it a bit too, despite their announcement of another $500m BTC buy.

🇺🇸 United States

🥇BlackRock

IBIT was the only breadwinner yesterday. They grabbed 273 BTC ($226m).

🔻Fidelity

FBTC had a serious sell-off, sending out 1590 BTC ($106m). The second-biggest outflow day yet.

🔻Grayscale

GBTC pumped out the coins as per usual, losing 918 BTC ($61.5m).

🔻Ark

And ARKB had a bit of a purge too, with outflows of 787 BTC ($53m).

🧮 Total

Outflows, big time. In total, 3334 BTC sold off ($226m). Gross.

It’s my great pleasure to introduce our newest segment Intrinsic Value, where we review and celebrate the greatest artwork of the digital era.

The subject of today’s masterpiece needs no introduction.

Undoubtedly, Trump Digital Trading Card #4128 captures the very essence of the 45th President of the United States.

The dynamic energy and sense of movement in the image, especially the laser beams coming out of the eyeballs, echo the Futurist fascination with speed, technology, and modernity. The phrase ‘MAGA Umberto Boccioni’ comes to mind.

On the other hand, the delicate but dramatic use of chiascuro harkens to the Baroque period, evoking the intense contrasts and emotional depth typical of the era. There’s perhaps something almost Rubens-esque in the defiant show of strength from this tragic figure.

“This is me, I am here, that is my tower, and this is my name.” Marvelous.

Current listing price: 4747 ETH ($16.6m).

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

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

— Julian