First time reading? I’m Jordan, and this is The Bitcoin Minimalist. Every Tuesday & Thursday, we scour 100s of sources to bring you need-to-know Bitcoin insights.

Today we’re covering:

• Bitcoin reaches one billion transactions since it started,

• A dormant wallet transferred 687 BTC after 10 years,

• College graduate booed for Bitcoin at graduation speech,

• And everything else you need to know.

—Jordan

SELLING INTEREST FADING

Bitcoin Exchange Inflows Drop to 10-Year Lows

BTC Inflows Hit Historic Lows: Daily BTC inflows to Bitcoin exchanges have reached levels not seen in nearly a decade, according to data from CryptoQuant.

Low Flow: April and May 2024 have seen some of the least inflows ever. Low inflows means less people are sending bitcoin to exchanges, usually to sell.

Market Absorbs Selling Pressure: CryptoQuant contributor Mignolet notes that whales may be hesitant to sell given that the current investment cycle has not ended. Over-the-counter (OTC) markets could also be absorbing large selling volumes without significant exchange deposits, a trend likely influenced by the recent approval of spot Bitcoin exchange-traded funds.

Spot ETFs Shape New Market Trends: According to Checkmatey, an on-chain analyst at Glassnode, the introduction of spot Bitcoin ETFs is impacting exchange inflow data. Many of the "whale" wallets tracked by analysts likely belong to ETFs and exchanges rather than individual large-scale investors. This new institutional involvement may be contributing to the decline in exchange inflows.

WHAT WE’RE WATCHING

📜 Arkansas has approved new laws regulating Bitcoin mining. Senate Bills 78 and 79 set environmental standards, ban foreign ownership, and establish a licensing system. Governor Sanders supports the measures, which aim to protect local communities and prevent foreign interference while empowering local governments to oversee regulations.

🌐 Jack Dorsey's #startsmall donated $21 million to OpenSats. This is a part of his initiative to bolster support for open-source and freedom tech projects. The funds will enhance OpenSats' General Fund, The Nostr Fund, and operational budget, fostering impactful tech infrastructure while encouraging further philanthropic contributions.

🕰️ A dormant Bitcoin wallet from the Satoshi era, containing 687 BTC (~ $43.9 million), became active after 10 years. It transferred its holdings to two wallets on May 6, sparking curiosity in the crypto community. Over 1.75 million BTC addresses have been inactive for a decade, holding about $121 billion worth of Bitcoin.

📈 Hong Kong's Bitcoin ETF launch could open the door for mainland Chinese investors. This news has sparked speculation that Bitcoin may reach $150,000 by 2025. Analysts expect cross-border investments via the Stock Connect program and strong US ETF inflows to bolster Bitcoin’s price growth in the coming years.

📈 Analysts observe that Bitcoin options traders are betting on a September price surge above $100,000. Despite this optimism, some Bitcoin whales are sending assets to exchanges, potentially signaling short-term sell pressure amid increased regulatory scrutiny.

🇦🇺 Australian Tax Office to collect Bitcoin exchange data. The Australian Taxation Office seeks personal and transaction data from 1.2 million crypto exchange users to identify those potentially evading tax obligations.

🇳🇬 Nigeria to ban peer-to-peer crypto trading in Naira. Nigeria’s SEC plans to launch new regulations banning peer-to-peer crypto trading in the national currency, aiming to protect the naira from manipulation. However, trading in other currencies like USD may still continue.

MILESTONE MOMENTUM

Bitcoin Hits 1 Billion Transactions

Bitcoin’s 1 Billion Transactions Milestone: Bitcoin recently achieved its one billionth transaction. 

Running Smoothly: The Bitcoin network continues to operate smoothly. The network has near 99.99% uptime.

POLL

TUESDAY’S POLL RESULTS

Will Bitcoin fall back down to $50,000 before going up again?

👍 Yes - 35.5%

👎 No - 64.5%

👎 No - “It will rise” - Kris

👎 No - “Everyone seems to be forgetting the fact there is only 21 million and there are more than 21 million current millionaires in the world. That spells trouble for winey babies that always get what they want but CAN'T have a single bitcoin because they waited too long. My response? Turn EVERYTHING off and sit and enjoy the weather for ... 5 years .... fear is all make believe. If you don't ingest it, it isn't real.” - Tim

👎 No - “Highly unlikely we will see drop that much, big players will look after their own interest.” - Zack

IN THE LOOP

🚨 A Bitcoin trader mistakenly sent $69.3 million to a scam address in an "address poisoning" scheme, while a woman lost $14,000 to a fake bail scam via a crypto ATM. The FBI reported nearly $4 billion in crypto scams last year, emphasizing the growing risks and need for caution when conducting transactions.

📉 Hong Kong's new spot Bitcoin and Ether ETFs have seen a lukewarm reception. The spot ETF attracted only $22.5 million in inflows in their first week. These ETFs significantly underperform compared to their U.S. counterparts, with barriers for mainland Chinese investors contributing to the low transaction volume.

⚖️ Turkey's crypto bill, aimed at improving investor protection and tackling anti-money laundering, is expected this year. Turkey’s new bill will regulate exchanges, set crypto tax guidelines, and ensure compliance with FATF standards. However, the timing remains uncertain, potentially delayed until autumn or year-end.

⚡ Bitcoin miner Hut 8 has energized 63 megawatts at its Salt Creek facility, advancing its expansion strategy. The project is expected to cost under $275,000 per megawatt and brings Hut 8’s self-mining hashrate to 5.5 exahash per second.

VIDEO

Ohio State commencement speaker talks Bitcoin in front of 60,000 people and gets booed. We are so early!

CHARTS & DATA

$78,000 - The projected Bitcoin price based on the power law model. With the Bitcoin price at $64,000, we’re around 82% of the power law model price.

$73,120 - The current projected price based on the original stock to flow model. With Bitcoin at around $64,000, were at 87.5% of the model price.

$53,080 - The projected Bitcoin price based on the Halving Regression Rainbow.

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