Together with

• The German Government appears to be selling $2 billion of Bitcoin it seized from a movie piracy website. Hard to know what’s a worse bet on the future between that, and scrapping all their nuclear power. Get it together, Germany.

• Canada is going to get the world’s first Solana Exchange Traded Product.

• Microstrategy bought another 11,931 BTC for $786m, completing a private offering of convertible senior notes to do so.

• Bitwise released a new ad for Ethereum, in advance of the likely approval of the ETH ETFs. CIO Matt Hougan also wrote a thread on “Three reasons to add ETH to your portfolio, and one important reason to stay BTC-only.”

• The Winklevoss Twins have donated $2m to Donald Trump’s campaign. Tyler W said, "The Biden Administration has consistently attacked American business across the board and villainized its greatest heroes.” Yes, we should all take a moment to recognize the tremendous heroism of America’s leading digital casino operators. #grateful

Whales continued to redistribute yesterday, and we’ve had a couple of days in a row of Shrimps and Crabs nibbling their way back. Hard not to root for those little guys.

ETFs are great, but for some Bitcoiners there’s no substitute for the real thing.

And the next best thing after buying Bitcoin, is storing it with an awesome hardware wallet that’s both easy to use, and has state-of-the-art security.

Blockstream’s Jade is definitely that.

I’m a Jade user myself, and can tell you I sleep well at night knowing my BTC is safe in the deepest of cold storage.

Check the Jade out here, and use promo code “Flow State” for 10% off.

🇺🇸 United States

🥇 BlackRock

Inflows! Signs of life! IBIT took in 23 BTC ($1.5m) yesterday.

Is it a meaningful amount? No. But is it enough to offset some of the outflows from the rest of the field? Also, no.

But! It’s BlackRock’s first inflow since last week. So that’s something to celebrate.

🔻 Fidelity

I’m about to call the manager at Fidelity, because this dish is cold and not what I ordered.

786 BTC sent packing yesterday ($52m). That makes it 6262 BTC ($406m) gone over the past six trading days.

🔻 Grayscale

What can you say about GBTC at this point. They kissed 815 BTC goodbye yesterday ($53m). At this point they’ve dumped nearly as many Bitcoins as Leonardo DiCaprio has 25 year old models.

🧮 Total

Outflow Number 5. That’s how many days in a row it’s been. Yesterday the bill came to 2178 BTC ($141m).

Intrinsic Value isn’t always about making fun of NFTs (although that is a bottomless well).

Today for something different, here’s just a cool image, showing the distribution of Bitcoin mining around the word.

Those are the Flows this Friday.

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

— Julian

P.S. If you like Flow State, then consider sharing it with a friend?

We rely on word-of-mouth to reach new subscribers, so every share counts.

Advertise with us