• CPI for April fell to 3.4%. Meaning the economy is softening, meaning that rate cuts are more likely, meaning that the markets (and BTC) pumped yesterday. Make sense?

• Keith Ammon, New Hampshire State Representative, asked this week “Should the State of New Hampshire investigate allocating a small percentage of its reserves into a Bitcoin ETF?” Should we tell him?

• Paul Ryan (Former Speaker of the House) discusses how stablecoin legislation could benefit treasury auctions, and potentially help alleviate some of America’s “debt problems.”

• Oklahoma passed a ‘bitcoin rights’ bill that protects Oklahomans’ right to self-custody and mine bitcoin.

• Democrat Congressman Wiley Nickel wrote to SEC Chair Gary Gensler asking him to withdraw SAB 121, in advance of a likely bipartisan vote that will overturn it in the Senate anyway. Reminder: SAB 121 is a SEC rule that effectively prevents banks from taking custody of Bitcoin.

All cohorts redistributed to the Sharks yesterday. Medium-sized addresses were feasting.

Look at all that green! MSTR up 16% on the day, proving once again that it’s the best investment in the world for people who love bitcoin but just don’t think it’s quite volatile enough.

🇺🇸 United States

🥇Fidelity

FBTC had a massive day on Wednesday, taking in 2000 BTC ($131m). The biggest inflow day for them since March.

 🥈 Bitwise

BITB had a cracking day too, with the biggest inflow they’ve seen for a couple of months. They brought in 1325 BTC ($86m).

🥉Ark

Third place for Wednesday goes to ARKB, with solid inflows of 594 BTC ($38m).

🧮 Total

As you may have gathered, Wednesday was a big one for inflows. In total there was 4.6k BTC bought up ($303m). Honorable mention goes to GBTC, who notched inflows of 415 BTC ($28m). The only question mark was for IBIT, who despite all the upward price action was neutral on the day.

🇭🇰 Hong Kong

Hong Kong recovered a bit on Wednesday, thanks to Bosera Haskey’s inflows of 103 BTC ($6.8m). This was mostly before the big day in the US however, so we might see a bit more activity from HK’s Thursday session.

Reporting season for Q1 is officially over. All the 13Fs are in, and 182 came in on the final day.

Let’s get the notable names out of the way, then get to the recap:

• Royal Bank of Canada has a tiny allocation ($1.5m) to GBTC, IBIT, and HODL. But is noteworthy for rounding out all of Canada’s Big Five banks for the quarter.

• Morgan Stanley has a quarter of a billion in GBTC, good enough for 6th overall place for all bitcoin ETF holders so far.

• Boothbay Fund Management cracked the top 5 with $303m across BITB, IBIT, FBTC, and GBTC.

• And finally, Millennium Management came in with a massive $1.8b allocation spread across IBIT, GBTC, FBTC, BITB, and ARKB.

And here are the top 10 holders - overall, and for GBTC / IBIT / FBTC:

Overall Top 10

Full a longer list of the top holders, and with breakdowns of each ETF held, see here.

GBTC Top 10

IBIT Top 10

FBTC Top 10

840+ unique entities filed in Q1, and we’ve only just started analyzing the data.

Here’s what’s coming up:

1. We’ll be publishing the data in part to our website later this week.

2. We’re launching a new weekly edition of Flow State (with a cool name TBC), starting Monday. This will be a deeper dive into not only the 13F data, but BTC flows, regulatory issues facing bitcoin and digital assets, and more.

And if you’re otherwise interested in accessing the data, reach out! I’d love to chat.

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

I’ll see you back here tomorrow.

— Julian