• The US House passed the FIT21 Act despite the opposition of the White House and a stern letter from Professor Gensler himself.

• Bitwise, BlackRock and Grayscale all amended their 19b-4 documents for their spot ethereum ETF applications.

• The London Stock Exchange is going to list some exchange-traded crypto products, including spot bitcoin ETFs, on May 28.

• Solana transactions are apparently still failing more than half the time.

• Hong Kong has kicked Worldcoin out of the country over privacy concerns. For the uninitiated: Worldcoin is a crypto project founded by Sam Altman that rewards people with tokens for scanning their eyeballs with a silver sphere and handing over their biometric data. To be used by Altman for totally non-nefarious purposes.

Alright, something’s definitely going on here. Can someone please get one of these Whales on the phone to explain the situation. Perhaps I need to study up on my Whale Watching.

A relatively quiet day for the public hodlers. Galaxy up, Block down, and Coinbase shilling Pizza.

🇺🇸 United States

🥇BlackRock

IBIT was cooking again on Wednesday, taking in another 1320 BTC ($92m).

🥈Fidelity

FBTC had a four figure day too, taking inflows of 1070 BTC ($75m).

🔻Grayscale

The outflows returned for GBTC, as they sent out another 230 BTC ($16m). Their first outflows in a week, bringing the total back up to 329k BTC lost since launch.

🧮 Total

Another strong net inflows day, with 2.2k BTC coming in ($153m). ARKB had a small inflow of $3.5m and everyone else was flat, so the all the heavy lifting was done by the IBIT/FBTC combo.

🇭🇰 Hong Kong

Second day in a row of no flows for the Hong Kong ETFs. Maybe they should try turning them off and on again?

One day, I’m going to run out of bitcoin ETF bagholder material.

Today is not that day.

Thursday’s Bagholder of the day is Ron Sloy, of Sloy, Dahl & Host. SDH is a Portland, Oregon RIA and the 42nd biggest holder overall, with a $31m bag of GBTC.

Cofounder Ron Sloy also happens to be a minor Portland celebrity, thanks to his being a regular fixture in court-side seats at Trailblazers’ games.

Back in 2016 he caught the attention of a TV broadcast, and earned the moniker ‘Really Tan Portland Ken’.

NBA legend Charles Barkley assessed the capital allocator thusly: "Let me tell you something, man... there ain't no way you can get that tan in Portland, Oregon. There's no way! That's impossible!"

Well, amazing things can happen when you buy bitcoin.

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

I’ll see you back here tomorrow.

— Julian