Jannis Grunewald

Bitcoin et al.

[Jannis Grunewald @HerrGrunewald]

ETF-Flows bei BTC, ETH, SOL & XRP

[Jannis Grunewald @HerrGrunewald]

Strategy

[Jannis Grunewald @HerrGrunewald]

Saylor hat STRC nach eigener Aussage mit ChatGPT entwickelt…

[Zack Voell @zackvoell]

STRC is down 15% in two weeks.

Saylor said he "designed it with ChatGPT."

[Zack Voell @zackvoell]

STRC is down 15% in two weeks.

Saylor said he "designed it with ChatGPT."

[Jannis Grunewald @HerrGrunewald]

10,5 Millionen Bitcoin stehen gerade on-chain im Verlust – mehr als die Hälfte des umlaufenden Angebots.

Das hat es zuletzt im März 2020 und im Sommer 2022 gegeben. Beide Male haben langfristige Halter genau dann akkumuliert, als kurzfristige Trader kapituliert haben.

Bei rund 66.000 Dollar entscheidet sich gerade, in welche Hände diese Coins wandern.

[Jannis Grunewald @HerrGrunewald]

Bitcoin is down near $65.000, off more than 45% from its late-2025 high. Brian Armstrong thinks the bottom was $60.000. Larry Fink says $700.000 wouldn't surprise him. And in the middle of that argument, BlackRock did something quieter and more consequential than any price call: yesterday it listed a Bitcoin ETF that pays you to wait.

The iShares Bitcoin Premium Income ETF ($BITA) went live on Nasdaq on June 16. It holds its exposure through IBIT, sells covered calls on 25 to 35% of that position, and hands the option premium back to shareholders as a monthly distribution. Target yield: 15 to 25% a year. Fee: 0,65%. The pitch is simple: keep most of Bitcoin's upside (the fund aims to capture at least 70%), collect cash every month, sleep through the drawdown.

For an asset whose entire thesis is that it produces no cash flow and answers to no issuer, that is a strange and revealing turn.

Here is what actually changes. Until now the institutional Bitcoin trade had one shape: own spot, hold, wait for price. That excluded an enormous pool of capital – income mandates, endowment payout rules, insurance books, retiree portfolios – that structurally cannot hold an asset with zero yield. A covered-call wrapper manufactures a coupon out of Bitcoin's volatility, and suddenly Bitcoin fits inside those mandates. The buyer base widens in a direction spot ETFs never reached.

But that coupon is not free. What looks like yield is the price of selling away your best months. Every call BlackRock writes is a promise to cap the gain above the strike. In a chop or a slow grind, the premium looks like genius. In the kind of vertical move Fink is describing, BITA holders watch the spot crowd run past them while they collect their distribution. You are being paid, in advance, to surrender the asymmetry that made Bitcoin worth owning in the first place.

And there is a tail to this in the plumbing. A fund running 15 to 25% distributions on a multi-billion-dollar base becomes a mechanical, recurring seller of Bitcoin call options – month after month, regardless of view. That is a steady supply of upside volatility hitting the options market on a schedule. The more popular the income trade gets, the more it leans on Bitcoin's own volatility staying high enough to fund the checks. A yield product that quietly depends on the very thing it sells.

When the largest asset manager on earth turns Bitcoin into a monthly income stream, is that the final stage of legitimization – or the moment Wall Street starts quietly capping the upside it spent three years promising clients?

[Thomas Braziel @Bkclaims]

🚨 BREAKING: Charles Hoskinson appears to disclose that Charles/IOHK received 54,000 BTC from the original Cardano ICO arrangements.

That's:

• ~50% of the entire 108,844 BTC raise
• ~$20-25 million at 2015-16 prices
• ~$3.6 BILLION at today's BTC price

While discussing the 1,090 BTC paid to the Isle of Man Foundation, Charles remarked:

"My God, how could people charge so much money for something like that?"

Respectfully Charles, many investors are asking the exact same question.

Not because building Cardano should have been free.

But because we'd like to understand: What exactly was Cardano promised in exchange for 54,000 BTC?

The Foundation reportedly received 1,090 BTC (IOM), 7,168 BTC (Switzerland), and roughly 650 million ADA, while the for-profit entities reportedly received roughly 4.5 billion ADA.

If Charles has now disclosed the consideration paid, perhaps it's time to disclose the agreements behind it.

What exactly did Cardano, the Foundation, and ADA purchasers receive for 54,000 BTC?

[Jannis Grunewald @HerrGrunewald]

😁

[Michael Saylor @saylor]

I haven’t sold a sat. Strategy is still stacking.

[Jannis Grunewald @HerrGrunewald]

„I promise not to sell the Bitcoin.“

[sunnydecree @sunnydecree]

@WuBlockchain https://t.co/18Y8n184vS

[Jannis Grunewald @HerrGrunewald]

Lists like this usually rank regulatory legibility and US distribution higher than raw network usage. That explains why payment-heavy or Asia-led ecosystems look underweighted: their strongest traction sits outside the benchmark’s home market.

[Our Crypto Talk @ourcryptotalk]

The Fortune Crypto 100 is out and its a strong list - no complaints.

There are a few projects that I feel deserved a spot on it that didn't - $TRON, $BNB, $TON, @Gate , @JupiterExchange , @Pumpfun just to name a few.

I think a possible reason could be that the list seems to be from an American POV and American lists tend to rank Lebron James over Messi/Ronaldo 🤷‍♂️

That being said, the projects chosen are actually good but we built the other half of the board - the projects we believe definitely deserved a shout too.

A few that stood out to us:

> Tron settles the majority of all USDT transfers on a given day. By stablecoin volume it's one of the most used chains alive.

> Polymarket did billions in volume this cycle. ICE, which IS on the list, just put up to $2B into it at an $8B valuation. One of the few actual use cases right now.

> Crypto(dot)com has 100M+ users. Bitfinex, KuCoin and Gate move real size every single day.

> Jupiter is the default router for Solana. Raydium and Meteora made the list. The aggregator they route through did not.

> Dune and Nansen are open on half the screens of the people who built this list.

> Then there's Pendle, Pump(dot)fun, Wormhole, MicroBT, Polychain, Animoca. All doing serious numbers.

Which projects do you think should have made the list? 🤔

[Jannis Grunewald @HerrGrunewald]

Interesting…

[masato_alexander @masatoalexander]

A May '25 tweet claims @IOHK_Charles sold ~1.5B ADA in the '21 hype cycle, plus 10x 20M payments to @gavofyork.

Rather than take its word, i wanted to check the chain.

Tracing funds is hard, but those x10 20M payments are a solid place to start:

🧵👇

https://t.co/X5vtdke3KQ

[Jannis Grunewald @HerrGrunewald]

👀

[Cory 🦢 Real Bitcoin @ Swan.com @CorySwan]

The thread below appears to show hard proof that Hoskinson dumped billions of his Cardano altcoin via deliberately obfuscated transactions.

Seems like a great case for a law firm to take on contingency. Huge upside, wildly unsympathetic perpetrator with proven assets.

[Jannis Grunewald @HerrGrunewald]

Vorherige Woche: 32 BTC verkauft.

Gestern: 1.550 BTC gekauft.

Hätten sie den gleichen Betrag letzte Woche BTC investiert, hätten sie nur 1.347 BTC gekauft.

Die Panik am Markt hat Strategy gute Preise verschafft.

[Michael Saylor @saylor]

Strategy has acquired 1,550 BTC for $101 million to increase our $BTC Reserve to ₿845,256. We have also increased our USD Reserve by $100 million to $1.0 billion. $MSTR $STRC https://t.co/1Zf1AVsP1H

[Jeff Swanson @theswansjr]

Short term, Bitcoin feels like swallowing broken glass.

Long term, Bitcoin feels like owning the printing press everyone else is being robbed by.

The chart goes up. It goes down. It makes grown men cry into their Robinhood accounts and CNBC anchors smugly declare the funeral, for the eleventh time.

And then it goes up again.

Further than before. Higher than they said was possible.

Here's what uncomfortable people don't understand: the discomfort is the yield. Every paper handed panic seller is handing their future to someone with a longer time horizon and a colder storage device.

You're not being asked to ignore the volatility.
You're being asked to outlast it.

Because on a long enough timeline, Bitcoin doesn't feel like a gamble. It feels like the only decision you ever made that actually made sense.

Stack sats. Opt out.

[panamax @panamaXBT]

for 4 years, a bug existed that could have allowed unlimited counterfeit $ZEC. and because of Orchard’s privacy design, nobody can prove whether it was exploited or not.

the entire market is effectively being asked to trust that no one found it first.

that is a catastrophic failure for a monetary system.

[Steven Lubka ☀️ @DzambhalaHODL]

End of an era

[Jannis Grunewald @HerrGrunewald]

Strategy sold 32 BTC last week. The timeline declared the Ponzi over.

Same week: Strive bought 2,500 BTC. Long-Term Holder supply just hit its highest level since 2023. Bank of America hired a „global head of digital asset transformation“.

32 out. 2.500 in. The panic is covering one of these numbers.

[Jannis Grunewald @HerrGrunewald]

Frank Thelen hat diese Woche jeden Bitcoin verkauft. Privat und aus beiden Fonds. Im Podcast „Alles auf Aktien“ der Grund: Angst vor Quantencomputern.

Drei Tage vorher hat SpaceX im IPO-Filing 18.712 BTC offengelegt – Kaufkurs $35.000, aktueller Wert $1,45 Milliarden. Kein Exit.

Thelen preist ein Risiko ein, das selbst nach optimistischsten Schätzungen über ein Jahrzehnt entfernt liegt.

SpaceX hält ein Asset, das sich seit dem Kauf vervierfacht hat – und geht damit an die Börse.

[Jannis Grunewald @HerrGrunewald]

The executive order doesn’t say „allow crypto“.

It tells the Federal Reserve to evaluate giving digital asset firms direct access to Fed master accounts. The same payment rails JPMorgan uses.

Five days after CLARITY Act cleared the Senate Banking Committee 15-9, the White House orders the Fed to review who gets to use its infrastructure – and names regulations that „primarily benefit incumbent financial services firms“ as the problem.

$77K Bitcoin while the US government admits banks were the protected class.

[Bitcoin Magazine @BitcoinMagazine]

NEW: 🇺🇸 President Donald Trump issues executive order to "allow integration of digital assets into traditional financial services and payment systems." 👀

[Jannis Grunewald @HerrGrunewald]

@aktien_max $TSLA ist fast ein Lehrbuch für Reflexivität: Erst langweilt die Aktie alle raus, dann zwingt ein neues Narrativ die Multiples neu zu sortieren. Für Anleger ist die harte Frage: Welches Risiko preist der Markt gerade doppelt ein?