Together with

• US Congressman Matt Gaetz introduced a bill to let people pay federal taxes with Bitcoin. Also, here’s reminder to read (or re-read) ‘Everyone’s a Scammer’.

• Nubank is integrating the Lightning Network with the help of Lightspark. They’ve got about 100m LATAM customers. Big deal.

• Joseph Calhoun at Alhambra Investments looked at the ‘drunken sailor spending’ of the US Government.

• Torsten Sløk, Chief Economist at Apollo, wrote in their Mid-Year Outlook for Real Assets that “interest rates will remain permanently higher.”

• Jim Paulson investigated whether S&P concentration has reduced stock market volatility.

• Gary Gensler said that the Ethereum spot ETF approval process is coming along “smoothly.”

• Cointelegraph has an exclusive interview with Congressman Mike Flood, about crypto, Nancy Pelosi’s trading habits, and stablecoins.

The Whales sold off, despite BTC’s recovery. Most likely more miners selling, who are still feeling the post-halving blues.

Big rebound day for the equities. HUT was up nearly 17% off news that they’d raised $150m to build out “AI-related infrastructures.”

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

FBTC finally turned the ship around after seven days of outflows. Yesterday they brought 800 BTC back in ($48.8m). Topping up their total held to 167k BTC.

🥈Bitwise

BITB was the only other ETF to record inflows yesterday, and brought in 250 BTC ($15.2m).

🔻Grayscale

Same old story for GBTC, naturally. Another 490 BTC out ($30.3m).

🧮 Total

Finally, a reprieve from outflows! 500 BTC ($31m) came back into yesterday.

🇭🇰 Hong Kong

Quick check-in with Hong Kong: not much action. ChinaAMC shed 71 BTC yesterday, after having added 81 BTC the day before.

And it’s been a week since there were any flows one way or another in the Ethereum ETF over there.

Fun fact: the Bureau of Labor Statistics keeps track of 8101 different price measures.

All of these go into producing basically one CPI number that somehow tells the entire story and is supposed to mean something important. Neat!

In reality, prices for different good and services fluctuate wildly and often independently. I’m sure you knew that, but here’s a chart to help illustrate.

Over the past 12 months in the US, car insurance is up 19%, rent 7.2%, and hospital services 5.6%. On the other hand, airline fares and used cars are way down.

Burying the lede here of course, but Bitcoin has crushed everything.

Those are the Flows this Wednesday.

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

Julian Fahrer
Editor-in-Chief