Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the big-picture power shifts remaking our world.

What's going on, guys? It is Wednesday, June 5th, and today we are talking about the second

biggest day of ETF inflows ever. Before we get into that, however, if you were enjoying the

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Well, friends, Bitcoin Summer is in full effect with interest rushing back into the Bitcoin ETFs. After faltering a little since April, the Bitcoin ETFs have now recorded 16 days of

net inflows in a row. This streak has seen almost $2.9 billion in fresh capital flow into the

funds. That's a pace of around

180 million per day in new demand. And keep in mind that at current prices, the block reward

only produces around $32 million worth of Bitcoin per day. So ETF demand is vastly outstripping

new supply. To sum, that means this is beginning to appear like the supply squeeze that so many

analysts were looking towards when the ETFs launched.

There is obviously a ton of additional supply that can be brought onto exchanges as prices rise,

meaning the metric of comparing ETF flows to mining rewards is only so useful, but this is the metric that analysts have settled on to judge how demand is looking, and it seems like

excessive demand is firmly in the driver's seat. So, digging into the flows a little deeper.

This is mostly a story about outflow settling down. Over the past two weeks, Grayscale has only

registered 100 million in daily outflows twice, while Arc added a third major daily outflow.

Other than that, it's basically been inflows across the board. BlackRock's fund is currently

ticking over at almost 100 million per day and has now

reached the milestone of becoming a $20 billion ETF. This took just 144 days to achieve, which is the

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