• Stanley Druckenmiller criticized the Biden admin’s economic policies: "If I were a professor, I'd give them an 'F'." Ouch.

• Gary Gensler was asked on CNBC about ETH’s status as a commodity or security (and therefore the chances of a spot ETF being approved). He was characteristically evasive.

• Grayscale has withdrawn their application for an ETH futures ETF, though it’s unclear why.

• Patrick McHenry, Republican Chairman of the House Financial Services Committee, has called on FDIC Chair Marty Gruenberg to resign following a highly critical independent report.

• Polling shows that 1 in 5 registered voters in swing states say that “Crypto is a major issue I’m considering for the next election.” They should probably read our Election 2024 preview.

Whales continued to accumulate on Tuesday. No signs of slowing down for the biggest hodlers in the game.

General pullback for the equities yesterday. Miners all down, and MSTR flat.

🇺🇸 United States

🥇Invesco

On what was a slow day, BTCO had the most inflows of 96 BTC ($6m). That makes it their first time at the top of the daily leaderboard.

🔻Grayscale

The outflows returned for GBTC on Tuesday, bringing back some normalcy to proceedings. They sold off 450 BTC ($28m).

🧮 Total

The ETFs all found fewer flows on Tuesday than the prior couple of days. It was net outflows overall, with 250 BTC selling off ($16m).

🇭🇰 Hong Kong

Slight net outflows yesterday in Hong Kong, as ChinaAMC trimmed 45 BTC. Total held in HK: 4256 BTC.

Tuesday was a big one for 13F filings, with 47 turning up at the SEC.

What stood out?

First, two whales surfaced in Hong Kong, entering the top 5 overall IBIT holders:

• Monolith Management: $22m holding (8.6% of its $252m US assets)

• IvyRock Asset Management: $16.5m holding (7.7% of its $215m US assets).

Then, Susquehanna International Group led by Jeff Yass ($481B AUM), declared its hand with $1.2B held across 10 spot bitcoin ETFs. Its $970m stake in GBTC makes it the single biggest holder of that otherwise leaky ETF.

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

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Thanks, and I’ll see you back here tomorrow.

— Julian