Sponsor Flow State

• Donald Trump, former President, and America’s most famous Bitcoin enthusiast and NFT purveyor, was convicted of several crimes yesterday. Memecoin FreeTrump ($TRUMP) pumped 330% on the news. Also, we might be living in a simulation.

• Bitcoiners are ‘not psychopaths’ according to a new peer reviewed paper, which sought to study the “psychological makeup and financial literacy of Bitcoiners.”

• SEC Commissioner Hester Peirce has proposed a ‘joint digital securities sandbox’ between the USA and the UK.

• VC firm A16z has donated $25m to pro-crypto super PACs, according to firm partner Chris Dixon.

• Consensus2024 continued into its second day, where the brightest minds in digital assets gathered to exchange groundbreaking ideas, like…putting water ‘on the blockchain’. Note to Jerome Powell, send rates to 10% with haste.

Everyone but the sharks was up again yesterday, who for whatever reason have been the least active cohort for the past week.

SMLR came back down to Earth, along with MSTR. Expect the two to trade similarly from now on.

🇺🇸 United States

🥇Fidelity

FBTC hit the gas on Thursday, rocketing into first place with inflows of 1740 BTC ($119m).

🥈 Bitwise

BITB had a solid showing too. Their 380 BTC ($26m) inflows were good enough for second highest on the day.

🔻Ark

ARKB came out of nowhere with a huge outflow, losing 1464 BTC ($100m). Their second biggest outflow day ever.

🧮 Total

Despite Ark’s surprising sell off, and BlackRock having a quiet one (they had a little inflow of 23 BTC for $1.6m), it was a net positive day overall.

Total inflows of + 708 BTC ($50m). Thanks mostly to Fidelity turning on the firehose, and to Grayscale for taking the day off (net zero flows).

🇭🇰 Hong Kong

All quiet in Hong Kong, another day of zero flows. The Hong Kong ETFs hold 3652 BTC in total ($249m).

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

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

— Julian

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