Together with

• Standard Chartered is launching a Bitcoin and Ether trading desk in London, as part of its FX unit.

• Fidelity disclosed a $4.7m ETH seed investment, in preparation for launching their spot Ethereum ETF.

• Arthur Hayes discusses the adverse effects of U.S. monetary policy on Japanese banks engaged in the dollar-yen carry trade, and how the Fed is going to have to intervene to stop them from dumping US treasuries on the market.

• Avraham Shama at The Hill argues that the Fed needs to cut rates, and that the CPI data it uses currently is faulty.

• Mike Gonzalez at the New York posts explores the ‘Milei Miracle’ in Argentina, and argues that the nation’s recent success is undermining its socialist neighbors.

More redistribution away from the Whales again yesterday. And over the past week, basically all movement has been toward the Sharks. Blood in the water!

Not a great end to the week for the miners.

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

🔻Fidelity

Woof. Another 700 BTC ($44.8m) out the door from FBTC. That’s now just under 7k BTC gone in the past six trading days.

🔻Ark

Another down day for ARKB, sending out 450 BTC ($29m). 3.3k BTC gone over the past six days.

🔻Grayscale

Death, taxes, and GBTC outflows. 533 BTC ($34.2m) riding off into the sunset.

🧮 Total

The butcher’s bill came to 1653 BTC ($106m) on Friday, making it a total of just under 8.5k BTC outflows for the week.

When hyperinflation and hypertension collide. Turns out, “higher for longer” meant fast food prices.

All I can say is, RIP to the Big Mac Index.

And someone tell Peter Schiff that Gold is appreciating slower than the Crunchwrap Supreme.

But enough of all that. Here’s a palette cleanser to start your weekend:

Those are the Flows this Saturday.

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

— Julian

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