Welcome to Deep Flow:

The weekly newsletter from Flow State, covering the week’s Bitcoin flows in detail.

Deep Flow is for paid Flow State members. You can upgrade here, or read a preview below and then decide.

Let’s dive in.…🌊🌊🌊

Hi everyone.

Probably the biggest news of the past week was that Bitcoin has become a fixture of the US Presidential race.

Trump brought it up again in a campaign speech, promising that the future of crypto and Bitcoin “will be made in America.”

Then on Saturday, leaked emails showed that the Biden administration will be meeting key crypto and Bitcoin industry leaders for a roundtable discussion in Washington DC.

It’s cool to see, but it also got me thinking about age. First, the age of the two candidates - a combined 159 years between them.

Then, about the age of bitcoins (stay with me).

Because age matters. It matters how old the the leader of the free world is, and it matters how old bitcoins are.

Specifically, the supply of old coins versus young coins can tell us a lot about where we are in the bitcoin cycle (watch me stick the landing on this segue).

So today, we’re going to look at the on-chain data and learn about the differences in behavior between young and old coins, and see what it tells us about how this bull run is shaping up.

First, we’ll recap the most popular links we published in Flow State last week, as well as the week’s ETF flows.

Enjoy.

In case you missed them, the five most popular stories from the past week of Flow State were:

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

2. Bill Miller Chairman and CIO of Miller Value Partners, published a blog post titled ‘Why I’m Still Betting on Bitcoin’.

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

4. Checkmate explained how the ‘cash and carry’ trade works, and is being used by hedge funds to collect an almost risk free premium by hedging their Bitcoin ETF investments.

5. DeFi Technologies a publicly listed Canadian company, has announced that it is employing the ‘Saylor Strategy’ and adopting Bitcoin as its primary treasury reserve asset.

Weekly Flows

Well, talk about a vibe shift. One week ago we were wrapping up the biggest inflow week since March. This week, we just had the third biggest outflow week since the ETFs launched…

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