Sponsor Flow State

• Willy Woo gives a 101 on how the modern Bitcoin market works, and specifically “Who the hell is selling?”

• Bitwise’s Juan Leon estimates the possible Ethereum ETF flows in relation to the Bitcoin ETFs.

• Bernstein Analysts say Bitcoin could hit $1m by 2033, and gave a target price of $2890 for Microstrategy.

• Bloomberg’s Eric Balchunas now expects Ethereum ETFs to be approved by July 2.

• Donald Trump said at a campaign stop that he will "ensure the future of crypto and Bitcoin will be made in America."

• Coinbase CEO Brian Armstrong spoke with Cathie Wood about several topics, including stablecoin development and the regulatory environment in the US.

• Oklahoma signed a new law making Bitcoin miners exempt from sales tax on their electricity bills.

The Whales and Sharks swapped places again, as they seemingly do every day now. The only consistency recently seems to be the Shrimps losing out. Bottom of the food chain stuff.

Down Friday for most of the stocks. CORZ was the one bright spot.

🇺🇸 United States

🥇BlackRock

IBIT had inflows on Friday. Just. $1.5m, good for 23 BTC.

🔻Fidelity

Thursday was FBTC’s second largest outflow day. Friday, was the third largest. They sent out 1215 BTC ($80.1m).

🔻Grayscale

GBTC had outflows of 791 BTC ($52.3m). Bringing their total outflows to 337k BTC.

🔻Ark

And ARKB had their third big outflow day in four trading days, losing 740 BTC ($49m). Not exactly a week to remember.

🧮 Total

Overall, it was another big day of bloodletting on Friday. 2870 BTC ($190M) sent back out on to the market.

We’ll have a full recap of the week’s performance in Monday’s Deep Flow.

🇦🇺 Australia

Quick reminder that yes, Australia also has a spot Bitcoin ETF. Though with 46 BTC total inflows over the first seven trading days, it’s not exactly setting the world on fire.

Still, it’s a Bitcoin chart going up and to the right, and we’re kind of running low on those at the moment.

Sometimes a piece of art will really make you stop, and think hard questions.

ZMB 0961, currently listed for sale for 72,443 SOL (USD $10.4m), is one such piece.

At first, one of those questions might be, ‘How long did it take the six-year-old ‘artist’ to scribble this?’

Or perhaps, ‘I wonder how high interest rates would have to get to wipe this industry off the face of the planet?’

But believe it or not, there’s more here than initially meets the eye.

You see, ZMB 0961 has a deeper message.

It uses Dracula, a symbol of immortality, to critique Western capitalist notions of timeless artistic value.

Stripped of grandeur, and depicted with a cigarette—a symbol of death—this low-effort scrawl suggests that nothing is truly eternal. Not even art.

It challenges the idea that artistic worth can endure indefinitely in a market-driven society, subverting traditional beliefs in the permanence of value.

As such, it is anti-value. Both in its message, and also in reality.

Spending ten million dollars on it would send a powerful message to the art-world gatekeepers, whose tyranny we have all suffered under for far too long.

And who can put a price on that?

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

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

— Julian