guotai junan approval marks first chinese state-backed btc trading. stock +200%

deutsche bank launches custody. sparkassen reverses 3yr ban. $1.5T aum unlocked

supply shock incoming:

* corps bought 160k btc vs 40k mined in q2

* spot etf inflows: $4.6b last month

* daily btc flows beat gold ($1.17b vs $0.95b)

fannie mae + freddie mac now count btc in mortgages

bearish if true