• The Senate has voted to overturn SAB 121 by a margin of 60 to 38. All eyes are now on Biden to see if he vetoes it, which he’s previously indicated he will. He has 10 days to decide how badly he wants to galvanize a vocal and well-funded crypto lobby against him before the election.

• Rep. Thomas Massie, a Kentucky Congressman, introduced the ‘End the Fed’ Bill to do as the name would suggest, stating that “The Fed devalues our currency by monetizing the debt, causing inflation.” Fact check: True.

• Chicago Mercantile Exchange (CME) is considering offering spot bitcoin trading to its clients.

• Checkmate, a bitcoin on-chain analyst, describes how the current BTC trading period can be characterized as ‘Quiet and Trending’.

• Bitcoin mining stops renewable energy waste in micro-grids and decarbonizes power production, according to a new study.

• Cornell’s Brooks School Tech Policy Institute is funding a $1m project to study the relationship between bitcoin and financial freedom under authoritarian governments.

• Laura Shin asks, about the long-hyped overtaking of bitcoin by Ethereum, “Is the ‘Flippening Dream’ Over”? Answer: Yeah, probably.

It was a role reversal for Sharks and Whales on Thursday. The former lost and the latter gained. They seem to be going back and forth on a daily basis.

Pullback for the equities on Thursday. COIN was down the most, 9.4%, likely due to the CME news.

🇺🇸 United States

🥇BlackRock

IBIT was back in the driver’s seat after taking Wednesday off, taking inflows of 1430 BTC ($94m) yesterday. In case anyone’s forgotten, that’s more than 3x all the new bitcoin mined for the day.

 🥈 Fidelity

FBTC was right behind, taking in 1022 BTC ($67m). That’s more than 3k BTC for Fidelity in 48 hours.

🥉Ark

Close behind in third place was ARKB, with inflows of 940 BTC ($62m).

🧮 Total

Another healthy day of net inflows, with 3.9k BTC ($257m) bought up. Other notable inflows were Valkyrie’s BRRR with 282 BTC ($18.5m), and GBTC pulling off another increasingly less-rare inflow day of 70 BTC ($4.6m).

🇭🇰 Hong Kong

Hong Kong zigged while the US zagged, and had outflows to the tune of 198 BTC ($13m).

Let’s take a quick peek at some of the numbers for Q1’s 13F filings, shall we?

There were ~940 unique 13F filers (subject to late arrivals), at just over $10b allocated in total.

Here’s breakdown of the number of holders, and market value of, holdings of the individual ETFs:

And here’s where they are in the world. Naturally, ‘Merica #1.

Also - re: above - today I learned about Jersey, a self-governing ‘channel island’ situated between France and the UK.

My research (cough, ChatGPT) surfaced that Jersey is something of a tax haven, with no capital gains or corporate taxes. Do with that information what you will.

Oh also, if you want to dig into all the ETF holders, this is your second reminder that the inaugural issue of our weekly newsletter, Deep Flow, will reveal the juicy details on Monday.

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

I’ll see you back here tomorrow.

— Julian