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BTC Wealth Report – Issue 07

BTC Wealth Report – Issue 07

Bitcoin Is Winning the Flows War — and the Narrative War

Thomas Fahrer
May 26, 2025 • Estimated Reading Time: 5 minutes

👋 Welcome to BTC Wealth — Issue 07

Happy all-time highs. Are we having fun yet?

This week, we saw the strongest ETF inflows in months. The bond market buckled.
And Bitcoiners… got salty over the payments narrative — again.

But if you’re watching closely, the thesis is playing out: institutions are buying, the dollar is debasing, and Bitcoin is absorbing capital like never before.

Here’s what we’re tracking this week:

🍕 Bitcoin Pizza Day — Saylor says save your sats, and he’s right. This isn’t about payments.
🏛️ Bond Market Blinks — Treasury auctions are struggling, and yields are rising again.
📈 ETF Inflows Reignite — BlackRock keeps buying, and we just hit a new ATH for U.S. holdings.

Let’s get into it.

🍕Saylor Infuriates Bitcoiners

This week, Saylor posted about Bitcoin Pizza Day — the legendary moment when 10,000 BTC was traded for two pizzas.

But instead of celebrating payments, he flipped the message:

💥 And that sent a certain strain of Bitcoiners into full blown monkey tilt — the ones who still believe Bitcoin must succeed as a payment system to be legitimate.

🧠 But let’s be clear:

Saylor is right.

Bitcoin has never found real product-market fit as a daily payment rail — and it doesn’t need to.

Bitcoin isn’t failing because it’s not used to buy dinner.
It’s succeeding because it’s being used to store value across time.

🪙 Bitcoin Is a Store of Value First

Maybe a payment rail later.

If Bitcoin’s price relied on merchant adoption, we’d still be stuck at $500.

(Hello, Bitcoin Cash is calling — it wants its narrative back.)

🧭 What Actually Drives Bitcoin Price:

Scarcity
Structural demand
Macro tailwinds
Institutional accumulation

Not the ability to tap your phone at dominoes.

🧵 How to Play It

💾 Hold your Bitcoin
💸 Pay expenses in dollars
🧱 Focus on what matters

You're not stacking sats to pay for pizza.
You're here to opt out of a broken monetary system.

Bitcoin doesn’t need to be currency for everyone today.
It’s becoming the monetary base layer of tomorrow.

Okay. Now on to the stuff that matters for Bitcoin.

🧨 Bond Market Blinks — Again

This week’s 20-year U.S. Treasury auction was a mess.

The Treasury tried to sell $16 billion in bonds. Demand was uhhhhh soft. The yield spiked to 5.05% — the first time in over six months that the 20Y has priced above 5%.

This isn’t some fluke. The US House just passed Trump's 'big, beautiful' tax and spending bill. And with it, a great awakening is underway:

The U.S. is still on the path of terminal debt expansion.

Even Elon Musk is ringing the alarm:

“Doge has and will do great work to postpone the day of bankruptcy of America, but the profligacy of government means that only radical improvements in productivity can save our country” - Elon Musk

Let’s decode that:
Nothing stops this train

🟠 Here’s the quick summary:

📈 Rising long-term yields = declining confidence in U.S. fiscal stability
🏃‍♂️ Soft Treasury demand = capital looking for a new home
🧱 Bitcoin = a reserve asset with no counterparty risk and no debt baggage

Bitcoin pumped this week. The bond market cracked.

There are no coincidences.

📊 ETF Tracker — Flows Surge to a New All-Time High

The structural bid continues:

U.S. spot Bitcoin ETFs bought 24,939 BTC this week — another huge week.

Leading the charge:

🟢 BlackRock (IBIT): +22,419 BTC
🟢 Fidelity (FBTC): +1,974 BTC
🟢 ARK (ARKB): +964 BTC
📈 Net Total: +24,939 BTC

That brings total holdings across U.S. ETFs to 1,206,000 BTC — a new all-time high.

Year-to-date, they’ve now added 89,000 BTC — peanuts compared to where this going IMO.

This is what financialization looks like: steady, scalable, repeatable demand.

📌 One more thing:

These ETFs aren’t just soaking up supply — they’re training the market. The longer Blackrock and company keep buying, the harder it becomes to ignore where this is all heading.