Sponsor Flow State

• Joe Biden vetoed the legislation that would have overturned SEC guidance SAB121, which was passed through Congress, saying that the proposed change would “jeopardize the wellbeing of consumers and investors.”

• NfX’s Morgan Beller wrote a piece titled ‘Stablecoins are Defense Tech’, arguing that digitizing the US dollar is necessary to maintain America’s global financial supremacy.

• NYSE President Lynn Martin said “You can’t argue with the success of Bitcoin ETFs.”

• Vitalik Buterin, Ethereum founder, published a blog post, ‘Some reflections on the Bitcoin block size war.’

• Van Eck published some numbers showing how their digital assets under managments compare to their overall AUM.

• Franklin Templeton filed an amended S-1 for their Ethereum spot ETF, with a 0.19% fee. Several other issuers also filed yesterday.

• Uniswap Chief Legal Officer Marvin Ammori argues that the crypto community should be a “big tent, welcoming/including Democrats.”

• RFK Jr recently bought 21 BTC, three for each of his grandkids.

• Senator Ted Cruz bought some bitcoin miners.

Whales bucked the weekly trend on Friday, as did the Sharks.

Stocks down almost across the board on Friday.

🇺🇸 United States

🥇BlackRock

IBIT investors were unconcerned about the mild BTC drawdown. Huge inflow on Friday, of 2508 BTC ($169m).

🥈 Fidelity

FBTC had a rather petite inflow of 87 BTC ($6m) yesterday. Certainly compared to Thursday’s 1727 BTC. Still, it was good enough for second place.

🔻Grayscale

GBTC finished the week with a hefty outflow of 1845 BTC ($124m)

🧮 Total

It was really just IBIT and GBTC trading off yesterday, which meant a positive day overall with 727 BTC inflows ($48.8m).

🇭🇰 Hong Kong

Hong Kong was tardy with the data again on Friday. But regardless, it was a quiet week.

That’s the state of bitcoin flows for this Saturday.

Thanks for reading, and I’ll see you next week.

— Julian

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