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• VanEck published a piece on 'ETH 2030 Price Target and Optimal Portfolio Allocations’. Spoiler: prediction is $22k ETH by 2030.

• ‘Stand With Crypto’, the Coinbase-backed pro-crypto advocacy group, says it’s signed up one million members online.

• TuongVy Le, General Council at Anchorage, wrote a post arguing that SAB 121 should be repealed or withdrawn: “We think that will hinder innovation…and prevent crypto from gaining mainstream adoption.”

• Gary Gensler was interviewed on CNBC about potential memecoin ETFs, and stated that memecoins will need to be ‘properly registered’. He also said Ethereum ETF S-1 approval will take some time.

• Morgan Stanley published a report on stock market concentration. Takeaway: in the decade ended in 2023, the concentration of the U.S. stock market, measured as the weighting of the top 10 stocks, nearly doubled from 14 to 27 percent.

• Jim Bianco argued that the State of Wisconsin Investment Board’s Bitcoin ETF investment is unlikely to be replicated by other pension funds, and I politely disagreed.

More and more the Whales grow,

When they'll stop, we cannot know.

Hoarding all that they can keep,

While the rest are fast asleep.

Mostly positive day, though Riot was slightly down. Speaking of them, a hedge fund called Kerrisdale Capital announced an aggressive short position, calling Bitcoin mining “an industry of snake oil salesman” that “should be banished from America.

If they intended to kick the hornets’ nest, they succeeded. Bitcoiners wasted no time putting the fund’s performance under a microscope.

🇺🇸 United States

🥇Fidelity

FBTC followed up Tuesday’s banger with another huge day yesterday, bringing in 3100 BTC ($220.6m).

🥈 BlackRock

IBIT also had another big one, with inflows 2190 BTC ($155.6m).

🥉Ark

ARKB was in third place again yesterday, with a cool 1000 BTC ($71.4m) coming into Cathie’s coffers.

👏 Bitwise

BITB had a another strong day punching above its weight, with inflows of 260 BTC ($18.5m).

👏 Grayscale

And you know it’s going to be a good day when GBTC has inflows. They wrangled 205 BTC ($14.5m).

🧮 Total

Total net inflows yesterday of +6867 BTC ($488m). Not quite as eye-popping as Tuesday’s 12.6kBTC, but still bigger than anything other day since March.

Can you hear that? That’s the sound of the Second Wave approaching.

🇭🇰 Hong Kong

Bitcoin ETFs

Another quiet day over in Hong Kong. Flow-less.

BTC vs. ETH

Same on the Ethereum side of the fence, too. Flat on the day.

That’s the state of bitcoin flows for this Thursday.

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

— Julian

Wait, before you go!

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