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Germany Runs Out of Bitcoin to Sell
Bitcoin ETFs See Largest Inflows in Five Weeks
The Breakdown First Five - Monday, July 15, 2024
Welcome back to The Breakdown First Five — the 5 most interesting and/or important stories in bitcoin, crypto, and markets to start your day.
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5. Defiant Trump will Attend Bitcoin 2024
After narrowly escaping an assassination attempt, former President Trump has reportedly confirmed he will still attend the Bitcoin Conference in two weeks time. It appears the campaign will continue at full steam with the Republican national convention beginning today in Milwaukee. With the internet ablaze, Trump will shortly accept the GOP nomination and then take the crypto industry’s biggest stage.
I have just spoken with the President’s team. He is in good spirits and is excited to see you all in Nashville and deliver a speech that is heard around the world.
— David Bailey🇵🇷 $0.65mm/btc is the floor (@DavidFBailey)
3:46 PM • Jul 14, 2024
4. Storm Delayed
Tornado Cash developer Roman Storm has made his argument that the criminal case should be dropped. The defense argued that Storm had no control over the non-custodial protocol so couldn’t be willingly conspiring with hackers. The DOJ suggested that mere knowledge and inaction were enough. Judge Fallia continued to show a grasp of crypto legal issues, poking holes in the prosecution’s case. Trial will be delayed until December.
Positive developments in Roman Storm's Tornado Cash defense. Motion to delay trial date was granted and Judge Failla is asking the right questions & appears to recognize danger in establishing a mere negligence standard for money laundering (as the Dutch did to Alexey).
— Peter Van Valkenburgh (@valkenburgh)
7:53 PM • Jul 12, 2024
3. Stacks Investigation Dropped
The SEC have closed their investigation into Hiro Systems and the Stacks token. The Bitcoin layer 2 was notable among 2017 ICOs for doing things the right way and applying for SEC exemptions. This compliance was futile, with the SEC opening an investigation in 2021 in response to Hiro declaring that Stacks was sufficiently decentralized to no longer be considered a security. After three years and millions in legal fees, the investigation is now over.
𝗡𝗘𝗪𝗦: SEC drops a three-year investigation into Stacks with no action.
Earlier this week, we received word from the SEC that after 3 years, they are terminating their investigation into the @Stacks blockchain (the protocol) and Hiro System (a company) with no action.
Stacks… x.com/i/web/status/1…
— muneeb.btc (@muneeb)
1:50 PM • Jul 12, 2024
2. Largest ETF Flows in Weeks
Friday saw $310M flood into the Bitcoin ETFs, the largest flows in over five weeks. Blackrock and Fidelity led the way with more than $100M each. This capped off a $1B week and extended the streak of inflows to 6 days. Overall ETF net flows are now back to record highs, suggesting the outflows of the past month have been entirely filled in.
With 1.2Bn in ETF Inflows this week, the total cumulative flows into the BTC ETFs has now hit a new ATH
With Germany largely out of the way, it seems inevitable that Bitcoin moves higher
Imagine if next week BTC gets another $1bn in inflows - and without all the German supply… x.com/i/web/status/1…
— ChimpZoo 🇸🇦 (@ThinkingBitmex)
5:26 AM • Jul 13, 2024
1. Germans out of Coins
The German government has run out of Bitcoin to dump on the market. $3.3B worth of BTC has been liquidated over the past month, with 80% sold in the past week. The selling was conducted at 16x the pace of miners block rewards, suggesting liquidity can be found at the right price. The German wallet balance briefly sat at zero until Bitcoiners began trolling the government.
After the German sold all their bitcoin somebody sent them $1.87 of #Bitcoin and inscribed the message “HFSP German government” 🤣🤣🤣
— Molls (@molls0m)
2:59 PM • Jul 13, 2024