šŸŒŠ Tuesday Bitcoin Flows

Your Daily Bitcoin Flows update

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Todays edition brought to you by Blockstream - maker of the Jade wallet: the safest and easiest way to store your Bitcoin.

Good morning.

Welcome to Flow State.

Where the bitcoin flows, we follow.

Letā€™s dive in.ā€¦šŸŒŠšŸŒŠšŸŒŠ

  • Mt. Gox is going to begin distributing Bitcoin to creditors in early July. Some people think thatā€™s contributing to the current sell-off. Alex Thorn at Galaxy Research says the sell-pressure will be less than expected.

  • Julian Assange is going to be released after striking a plea deal with US prosecutors.

  • Joe Consorti at Theya breaks down the Bitcoin bloodbath price action, using some key on-chain metrics.

  • Avetis Muradyan at IM1776 explains what we can learn from the East India Company, the ā€˜company menā€™ who were part of the sprawling spice trade, and their modern equivalents.

  • The Fed published a paper arguing that ā€˜price dispersionā€™ caused by inflation(i.e. the same good being priced differently by various sellers) is somehow a good thing. Also, weā€™ve always been at war with Eastasia.

  • Louisiana passed a bill to protect the right to custody Bitcoin, and also ban CBDCs.

  • Bitwiseā€™s Matt Hougan explains how weā€™re exorcizing several demons that have long haunted Bitcoin, concurrently (GBTC, Mt. Gox, Silk Road seizures).

  • Joel Kotkin at Quillette has a cheery piece about how housing inflation is going to usher in ā€˜neo-feudalismā€™ in Western countries.

The Whales were the big beneficiaries of the chaotic reshuffle over the past day. Must mean all the big boys are buying? Well, not quite ā€¦

The food chain can only tell us so much, and not all Whales are created equal.

And if youā€™ve been in a cold sweat wondering why BTC is falling, then hereā€™s part of the answer: the miners are selling off, big time.

Not a great day for the mining stocks, but they faired relatively well considering the size of the BTC drawdown.

ETFs are great, but for some Bitcoiners thereā€™s no substitute for the real thing.

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

Blockstreamā€™s Jade is definitely that.

Iā€™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 ā€œFlow Stateā€ for 10% off.

šŸ„‡BlackRock

Larry Fink appears to be physically incapable of taking an ā€˜Lā€™. Another net-zero day of flows for IBIT, despite the rest of the field getting torched.

šŸ”»Fidelity

For FBTC, it was more bloodletting. They bade farewell to another 590 BTC ($35m) yesterday. Thatā€™s 7.5k BTC gone in seven trading days.

šŸ”»Grayscale

No surprise that GBTC rounded out the dayā€™s biggest movers, with outflows of 1501 BTC ($90.4m). Theyā€™ve now lost more than 340k BTC since launch.

šŸ§® Total

Monday, bloody Monday. The outflows came to 2.9k BTC ($175m). Thatā€™s seven outflow days in a row, and 9 of the past 10.

We need to think bigger, ladies and gentlemen. Weā€™re in the midst of a 15 year productivity growth slump, with no obvious solutions in sight.

Maybe you think the coming AI singularity will be the panacea. Iā€™m not so sure.

Anyway, I say when in doubt, ask the experts. And yesterday I came across this newspaper clipping, quoting a great idea from Mr. Lee Kuan Yew, the father of Singapore and economic growth GOAT.

His productivity pitch: air-conditioned underwear.

This is the kind of ā€˜deep techā€™ investment I can get behind. And are you going to argue with these results? Didnā€™t think so.

Those are the Flows this Tuesday.

Thanks for reading, and Iā€™ll see you tomorrow.

Julian Fahrer
Editor-in-Chief

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