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• Bernstein analysts predict that Bitcoin ETFs are “on the cusp of approval” at major wirehouses in the US, which would dramatically increase the size of the market. They also predicted a BTC price of 200k by EOY.

• Javier Milei announced a plan to allow free competition of currencies in Argentina, “so if you want to use Bitcoin there will be no problems.”

• Michael Saylor told the story of going to Harvard Business School to talk to students after they were taught the ‘Microstrategy case study’, and their reactions.

• Kraken’s Chief Security Officer announced that a hacker / security researcher had discovered an exploit and drained $3m from the exchange, but is now refusing to return the funds.

Big old Whale shakeout yesterday. Almost exactly as much as was gained by the Sharks.

Markets were closed yesterday, but this is where we left off on Tuesday.

🇺🇸 United States

No ETF news from yesterday, as Wall Street had the day off. But here are the current standings.

The New Nine Bitcoin ETFs currently hold 591k BTC. Including GBTC, it’s 870k BTC. Just in case the past couple of weeks had wiped from anyone’s memory how insanely successful they’ve been so far.

306k of that is with BlackRock, 297k with Grayscale (and shrinking every day), and 169k with Fidelity.

For reference, Microstrategy holds 214k BTC.

🇭🇰 Hong Kong

Fairly steady in Hong Kong, though they’ve dipped under 4k BTC total now.

🇦🇺 Australia

I got some pushback on X last time I posted the Australia chart, but hey, they’re stacking BTC down there even if it’s not much.

Remember Bored Ape Yacht Club?

The NFT collection launched by Yuga Labs, the company which raised $450m from the likes of Andreessen Horowitz and was once valued at $4b?

You know, the monkey pictures ‘bought’ and shilled by every celebrity from Justin Bieber (-95%) to Eminem?

Well, the party’s over. @kelano_eth wrote a eulogy for the ‘collection’, documenting the rise and fall of the last cycle’s NFT darling.

I’d like to say that people learned the right lesson, which is that formerly relevant rappers pumping your bags might be a signal that the top is near.

But recent developments leave me doubtful.

Those are the Flows this Thursday.

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

— Julian