🌊 Saturday Bitcoin Flows

Your Daily Bitcoin Flows update

Good morning.

Welcome to Flow State.

Where the bitcoin flows, we follow.

Let’s dive in.…🌊🌊🌊

  • The Supreme Court overturned the Chevron deference doctrine. Basically: since 1984, govt agencies have been able to interpret what the scope of their own authority is, and the courts have had to defer to them. Making the agencies both the interpreter, and enforcer of the law (not good). Balaji Srinivasan explains the potential implications of the change, and how it could unlock innovation previously stifled by bureacracy.

  • The SEC is suing Consensys, arguing that the popular wallet Metamask is an unregistered securities broker. The regulator also labelled the staking service Lido (where ~25% of ETH is currently staked) as a security. Consensys said it was “the latest example of [the SEC’s] regulatory overreach.”

  • Hyphin at the On Chain Times wrote a piece called ‘Are Altcoins Cooked?’, concluding: “It’s uncertain what the future holds for the altcoin market, but it’s hard to imagine it getting worse from here.”

  • 0xjaypeg reflects on the past 120 days of Bitcoin being stuck in the 60-70k range, and says: “As frustrating as it is, this really isn’t out of the ordinary.”

  • Peter Thiel was asked about Bitcoin at the Aspen Ideas festival, and said he “didn’t buy as much as I should have”, and also that he’s “not sure it’s going to go up dramatically from here.”

  • The IRS published guidance on the definition of a ‘broker’, per the 2021 Infrastructure Bill. The rules will determine what has to be reported to the IRS, and when (e.g. if sales of certain assets like NFTs must be reported by exchanges (Yes they do), and at what threshold ($600)).

  • Ark/21Shares filed an application with the SEC for a Solana spot ETF. Interestingly, this comes after they withdrew their Ethereum ETF application last month.

  • Judge Amy Jackson, presiding over the SEC v Binance case, ruled that just because a token was part of an investment contract in the past, does not necessary make it a ‘security’ today.

More offloading from the Whales on Friday.

And it’s looking like the miners might be close to capitulation. Total drawdown of true hashrate is approaching the lows after the FTX collapse at the beginning of 2023.

Big movers of the day on Friday were MSTR and GLXY. In a downward direction.


The sleeping giant awakes! After having had no flows for seven of the past eight trading days, IBIT emerged from hibernation with an appetite on Friday: chowing down 1368 BTC of inflows ($83m). They now hold just under 307k BTC.


Ark had their best day in weeks too, bringing in 705 BTC ($42.8m). Bringing them back above 46k BTC held.


And Grayscale was once again the biggest loser, sending out 451 BTC ($27.2m). Total outflows since launch: 341k BTC.

🧮 Total

Here’s how the ETFs all faired over the past week. GBTC took another thrashing, losing 2.5k+ BTC. But the only other meaningful outflow week was from Franklin Templeton. BlackRock was the big gainer, and that was all from yesterday.

And all together, the net flows were -700 BTC on the week. A significant improvement over the past two.

Two perspectives on the American Empire:

And if you need to change the conversation subject from US politics this weekend, here’s a joke fit for polite company:

Those are the Flows this Saturday.

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

Julian Fahrer

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