Ten31 Timestamp 830,861 courtesy of @JOHN ARNOLD While the S&P and Nasdaq were down modestly on the week as investors digested a potentially longer path to central bank rate cuts, bitcoin ripped off another ~10% move up as net inflows to new spot ETFs accelerated to the tune of ~$2.5 billion. As price inflation proves stickier than hoped (even as measured by questionable official statistics), major pockets of traditional investment like commercial real estate continue to look more impaired, and central bankers worldwide say the quiet part out loud with growing frequency, we wouldn’t bet on this strong trend for interest in bitcoin reversing in the near term.

Ten31 Timestamp 830,861

The broad-based bullishness of the past few months flatlined somewhat this week as multiple inflation prints came in hotter than expected while clo...

THE BITCOIN NETWORK DOES NOT PRODUCE SATS FLOWS. ONLY THOSE PROVIDING VALUE TO OTHERS PRODUCE SATS FLOW

GM ANY BUSINESS VENTURE IS ONLY SATS FLOW SUCCESSFUL IF THE CUMULATIVE SATS FLOW GENERATED MORE THAN OFFSETS THE FOREGONE SATS FLOW FROM TAKING THE LABOR AND CAPITAL RISK OF SUCH VENTURE (SATS LOW OPPORTUNITY COST)

JOHN GALT AND HANK REARDEN WOULD LOVE SATS FLOW

I PROMISE THE ALPHA ON SATS FLOW HAS ONLY JUST BEGUN. BUCKLE UP FOR MORE SATS FLOW BANGERS

GM SATS FLOW APPRECIATORS ONE CHOOSING TO IGNORE SATS FLOWS DOES NOT DIMINISH THEIR POWER. IN FACT, IT’S THE OPPOSITE. THE MORE THEY ARE IGNORED, THE MORE POWERFUL THEY ARE. THE MORE THEY ARE APPRECIATED, THE MORE ELUSIVE THEY BECOME. FEW UNDERSTAND THIS.

CASH FLOW IS NOT SATS FLOW

TEMPORARY SATS FLOWS ARE EASY, BUT THERE ARE NO SHORTCUTS TO SUSTAINABLE SATS FLOWS

THE SATS FLOW EFFECT WILL BE INFINITELY MORE POWERFUL THAN THE TAYLOR SWIFT EFFECT

SATS FLOW IS MORE SCARCE THAN BITCOIN DON’T BELIEVE ME? REAL BITCOIN DENOMINATED SATS FLOW ONLY COMES FROM THE TOTAL SUPPLY OF BITCOIN, AND THEREFORE IS A SUBSET OF THE SUPPLY AT ANY GIVEN TIME SOME WILL PROVIDE VALUE THAT STANDS THE TEST OF TIME, RESULTING IN SATS FLOWS, WHILE INEVITABLY OTHERS WILL TRY BUT FAIL TO PRODUCE REAL VALUE AND WILL INSTEAD LOSE OR PAY THEIR SATS TO OTHERS THE ONLY PATH TO SATS FLOW IS THROUGH PRODUCING AND PROVIDING VALUE, WHICH REQUIRES RISK AND OPPORTUNITY COST I SALUTE THOSE WHO STRIVE FOR SATS FLOWS AND CONGRATULATE THOSE WHO ACHIEVE THEM 🫡

h/t @JOHN ARNOLD

Ten31 Timestamp 829,843

The week was filled with noteworthy comments from the leading masters of the financial universe, as both Fed Chairman Jerome Powell and Treasury Se...

GM EVERYONE WILL BEND THE KNEE TO SATS FLOW AND OBTAIN THE SATS FLOW THEY DESERVE

Leaking @JOHN ARNOLD's Ten31 Timestamp alpha early. Stay tuned for full newsletter link ***** The week was filled with noteworthy comments from the leading masters of the financial universe, as both Fed Chairman Jerome Powell and Treasury Secretary Janet Yellen called out the unsustainability of the US’s current fiscal path and their concerns with the swiftly deteriorating commercial real estate backdrop that appears to be a growing source of stress for bank balance sheets. Both officials assured the public that any impact from losses in this lending segment would likely be contained, though Powell took the Ivan Drago stance in his highly-anticipated 60 Minutes interview, noting that some banks would probably end up failing on the back of this trend. Despite these foreboding comments, as well as the Fed Chairman’s suggestion that the Fed would likely move more slowly than hoped on rate cuts this year, investors still found reasons to be bullish as the S&P500 ran to yet another new all-time high and exceed the 5,000 level for the first time. As central planners grew more concerned and the market partied like it was 1999, bitcoin took a 10% leg up on the week, closing in on new multi-year highs as ETF inflows remained strong and GBTC outflows appear to have abated for the time being. With the traditional financial system looking more precarious by the week, the halving approaching, institutional interest clearly growing, and ecosystem development moving faster than ever, we continue to think the 12-24 month outlook for bitcoin and the companies building on it is as bullish as it’s ever been.

New price tag on global slavery just dropped: https://www.wsj.com/tech/ai/sam-altman-seeks-trillions-of-dollars-to-reshape-business-of-chips-and-ai-89ab3db0 BEST DEFENSE IS TO FOCUS ON SATS FLOWS

IN PERFECT COSMIC COINCIDENCE, SATS FLOW WILL BECOME THE DOMINANT BENCHMARK AND VALUATION FRAMEWORK OF THE 21ST CENTURY.

AI alpha: attention is all you need BITCOIN ALPHA: SATS FLOW IS ALL YOU NEED

ALL COMPANIES WHICH CANNOT PRODUCE SATS FLOWS WILL EVENTUALLY FAIL. FEW UNDERSTAND THIS.

WHEN MONEY MOVES TO THE DIGITAL REALM, SECURITY NEEDS TO MOVE TO THE PHYSICAL REALM. (sometimes I post about things other than sats flow, but sats flow is always on my mind)

old world: growth at all costs NEW WORLD: SATS FLOW AT MINIMUM COSTS