• EU Regulators are calling for feedback on whether to allow bitcoin and crypto exposure to the continent’s €12T mutual fund market. Forward-thinking Euro regulation? Sacre bleu!

• Grayscale’s Research team has a recent piece on the state of the market titled ‘Crypto Tailwinds, Macro Headwinds’.

• Marathon released their Q1 earnings, showing a 223% YoY revenue increase, but missed the estimates.

• Bitwise’s CEO Hunter Horseley was interviewed on the 10xCapital podcast.

• Fidelity’s Jurrien Timmer dug into April’s jobs numbers, explaining why the softening labor metrics haven’t yet caused a full on recession.

Whale activity picked up again yesterday. For the past week, it’s been the Shrimps and Fish serving the chum to everyone else.

MSTR and HIVE were the biggest gainers on the day, while MARA sold off after their so-so Q1 earnings.

🇺🇸 United States

🥇Blackrock

IBIT led the inflows pack yesterday, and nobody else was close. They brought in 228 BTC ($14m). Bringing their BTC total held to 274,600.

 🔻Grayscale

Groundhog day for GBTC, sending out 700 BTC ($43m). Total outflows 327K BTC since launch.

🧮 Total

It was net outflows on Thursday, to the tune of 180 BTC ($11m). Thanks entirely to the usual culprit ☝️.

🇭🇰 Hong Kong

Slight outflows in Hong Kong of 88 BTC. Mostly thanks to AMC, who lost 78 BTC ($5m).

A few names jumped out from the past day’s 13F filings.

First we had Edmond De Rothschild, representing the famous Rothschild family. They disclosed a modest (by their standards) $3.6m allocation to IBIT, and a little slice of GBTC ($80k).

Another entry more notable for the name than the size of the holding is William Blair, a 'global boutique’ investment bank with $142B AUM, and a $6m piece of GBTC.

A new holder with a bit more heft is Buckingham Strategic Wealth. No relation to the Palace of course, but making up for it with a positively regal $34m stake in GBTC. Making them Grayscale’s third largest holder to file so far.

Finally we have the Chicago Trading Company. As the name suggests, this hedge fund might not exactly be long term hodlers. But for now, their $24m allocation to IBIT makes them Blackrock’s second largest holder.

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

Thanks, and I’ll see you back here tomorrow.

— Julian